Sacramento, Calif.—Los Angeles-based Trion Properties has completed the disposition of two Sacramento multifamily assets. The private equity real estate firm has sold the Sierra Village and Regalia Crest for a combined $25.5 million. Trion had acquired the two assets in 2013 and 2014 for a total consideration of $14.2 million, highlighting the current rise of Sacramento multifamily properties.
Sierra Village apartments is located at 5146 Jackson St. in Sacramento’s North Highlands submarket. The community was sold to Oracle Properties Development in a deal worth $9.3 million. The transaction was arranged by CBRE representative Marc Ross. Built in 1986, the 185-unit garden-style property was significantly improved in terms of net operating income, which has doubled under Trion’s stint as owner. The unit mix consists of one- and two-bedroom apartments that claim average rents of $878.
Located at 3536 Watt Ave., the 128-unit Regalia Crest was acquired by a Bay Area-based buyer for $10 million, in a deal arranged by ARA Newmark‘s Nate Oleson. Trion originally purchased the property for $4.9 million in April 2013. Capital improvements included new flooring, kitchen appliances and new paint. The amenity package includes two swimming pools, spa, laundry facilities and a parking facility that can hold up to 188 vehicles.
The Sacramento multifamily market is on a hot streak as low inventory expansion has translated to rapid rent appreciation. The metro currently tops Yardi Matrix’ latest surveys in terms of rent growth.
Image courtesy of Yardi Matrix