Stone Creek Apartments in North Sacramento Trade Amid Continued Market Improvement
- Mar 24, 2016
Sacramento, Calif.– A venture consisting of Bascom San Francisco and funds managed by Oaktree Capital Ventures recently acquired the Stone Creek Apartments in Sacramento from seller Oakmont Properties. Real estate data provider Yardi Matrix placed the transaction total at $47.2 million.
The purchase marks the $400 million venture’s third transaction in as many months, and its first endeavor in the Sacramento multifamily market. Acquisition financing was provided by CBRE Capital Markets through CIT Bank. The CBRE team in charge of securing the $35.4 million loan measure consisted of Troy Tegeler and Trevor Breaux.
Located at 2645 Stonecreek Drive in Sacramento, the 368-unit community offers great proximity to the city’s core. Built in 1986, the property offers very little deferred maintenance, which will allow the new owner to easily move the asset to a higher class. The North Sacramento submarket is performing well, as the entire metro has seen rents grow across its submarkets and asset classes. Average rents at the property stand at $1,210 and the asset is operating at around 98 percent occupancy, slightly under the area’s average.
Stone Creek offers residents an amenity package that includes laundry facilities, two spas, two swimming pools, a tennis court, fitness center, 368 grade-level parking spaces and controlled access. The average unit size at the community is 918 square feet.
Image courtesy of Yardi Matrix