Sentinel Sells Sacramento Community
Oakmont Properties paid $44 million for the 168-unit multifamily asset, with CBRE Capital Markets originating more than $25 million in acquisition financing.
Sentinel Real Estate has sold Ashton Parc, a 168-unit Class A garden-style community in Sacramento, Calif. to Oakmont Properties for $44 million, according to Yardi Matrix. CBRE Capital Markets provided a 10-year, $25.2 million Freddie Mac loan to the buyer.
Sentinel’s acquisition of the property dates back to mid-2008, when it picked up the asset for $29.2 million from AG Spanos Cos. The company’s other divestments this year include a 448-unit community in Dallas to TH Real Estate in March.
The community, located at 2201 Arena Blvd. in Sacramento’s Natomas submarket, is positioned about a mile and a half from the intersection of interstates 5 and 80, 6 miles from the city’s downtown. A number of shopping centers and the Sleep Train Arena are a short distance away.
Ashton Parc’s seven buildings contain a mix of one- and two-bedroom apartments, with floorplans between 790 and 1,240 square feet. Community amenities include a swimming pool, a fitness center, a business center and a playground. As of October, the asset was 95.8 percent occupied, per Yardi Matrix data.
Image courtesy of Yardi Matrix