Bridge Partners Pays $111M for Upscale Sacramento Asset
- Jun 18, 2021
Bridge Partners has acquired Harvest at Fiddyment Ranch, a 300-unit upscale community in Roseville, Calif., from USA Properties Fund for $111 million. The property was 97 percent occupied at the time of the sale.
The transaction was subject to acquisition financing arranged by Andrew Behrens with CBRE San Francisco. According to Yardi Matrix data, the $69.4 million Freddie Mac loan matures in 2028. CBRE’s Marc Ross represented the seller.
Located at 1900 Blue Oaks Blvd. in West Roseville, the Harvest at Fiddyment Ranch spreads over 12 acres and comprises 15 two- and three-story buildings. Situated near the site of the upcoming Plaza at Blue Oaks shopping mall, the property is some 22 miles northeast of downtown Sacramento,
Completed in 2020, the community includes one- to three-bedroom floorplans at an average of 1,049 square feet. Amenities include a clubhouse, game room, fitness center, heated pool and spa, dog park and playground.
Due to steady demand and very limited new supply, Sacramento remained one of the country’s best performers in terms of multifamily rent growth, even as nearby San Francisco and Silicon Valley took a significant hit from the pandemic-induced downturn. What’s more, multifamily occupancy in Sacramento went up 100 basis points last year, while the figure dropped across the majority of U.S. coastal markets.