Colliers Handles Largest Stockton Transaction in Past 5 Years
- Dec 01, 2016
by Laura Calugar
Stockton, Calif.—Colliers International Group Inc., a global real estate services company, recently announced that ROEM Development Corp. acquired Polo Run Apartments for $20.5 million. This was the largest multifamily investment transaction in Stockton in the past five years. The new owner plans to transform the development from a market rate property to a 100 percent affordable community.
Located at 8165 Palisades Drive, the property spans more than 19 acres. Polo Run is situated in the Valley Oak District, the heart of Stockton known for its parks and close proximity to Highway 99. Built in 1979 and renovated during the last five years, Polo Run encompasses 34 buildings, 25 of which are residential and nine of which are common area. The 320-unit property includes two studios, 96 one-, 190 two- and 32 three-bedroom units. Square footage ranges from 400 for the studios to 1,125 for the three-bedroom units. According to Yardi Matrix data, Polo Run features two pools and spas, a fitness center, a clubhouse and 402 parking spaces.
“Stockton, like most northern California cities, has experienced explosive rent growth over the past few years, making it less affordable to the residents that need it most. Polo Run will offer the residents of Stockton a newly renovated property for residents who earn 60 percent of the median income for San Joaquin County,” said Mark Feldman, senior vice president of Colliers’ San Francisco office, in prepared remarks.
ROEM Development Corp. received low income tax credits to allow funding a complete renovation of the interior and exterior of the units.
Image courtesy of Colliers International Group Inc.