Demmon Partners Sells Multifamily Property for $48M

By Natalie Dolce

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FPA Multifamily buys the 452-unit
multifamily community here on
behalf of a fund that is targeted
on purchasing $900 million of multifamily
properties in the western US.

(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22^nd in Los Angeles).

ROCKLIN, CA-GlobeSt.com has learned that Demmon Partners has sold Meridian at Stanford Ranch, a 452-unit multifamily community located within Stanford Ranch, a 3,500-acre master-planned community in Rocklin. The sales price of $48.35 million equates to $106,969 per unit and $120 per square foot.

Stan Jones, executive vice president investments, Phil Saglimbeni, vice president investments and Sal Saglimbeni, vice president investments, all with Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap, represented the seller and the buyer, FPA Multifamily LLC. FPA acquired the property on behalf of its fully discretionary Apartment Opportunity Fund III, which is targeted on purchasing $900 million of multifamily properties in the western US.

“Sophisticated private buyers and select institutions are actively seeking opportunities in the Sacramento MSA where investment yields are more favorable than the core markets of the San Francisco Bay Area and Southern California.” Jones explains. “Meridian at Stanford Ranch’s investment appeal is driven by an exceptional Rocklin location and add-value opportunity through various capital improvement projects.”

According to Phil Saglimbeni, “The property’s micro-location affords easy access to the area’s major employers, retail centers and a plethora of recreational options. The Rocklin-Roseville submarket is considered to be among the best areas in the Sacramento MSA,” he says. “The property was acquired subject to the assumption of an existing life insurance company loan.”

The a 403,311-square foot community is located at 2121 Sunset Blvd., 100 miles north of San Francisco and approximately 90 miles south of the Lake Tahoe area. Downtown Sacramento is a 20-minute drive away.

Meridian at Stanford Ranch was constructed in 2000 on 28 acres. The complex is made up of 26 two-to-three- story wood-frame buildings with stucco exteriors. Community amenities include a resort-style pool and spa, expansive community room, fitness center and business center.

Categories: West, Multifamily, Acquisitions/Dispositions, Marcus & Millichap, Sacramento