SACRAMENTO-Atlanta-headquartered ARA has sold Foothills Tennis Village Apartments in Roseville, CA and Woodlake Village Apartments in Sacramento for a combined total of around $81 million. The assets were sold to two different buyers from the same seller UDR Inc.
Foothills Tennis Village is a 268-unit stabilized garden style community built in 1988, and located in Roseville, just down the street from HP’s regional campus. Woodlake Village is a 646-unit garden style community built in 1979, and located in Sacramento, near Sacramento State University.
The ARA Pacific team, led by San Francisco-based principal, Mark Leary, served as the exclusive advisors on the transactions. According to ARA’s Mark Leary, “Both assets attracted significant interest from multiple buyers due to location and synergy with potential buyer’s current operations.”
Leary tells GlobeSt.com that Foothills traded for $33.1 million and that Woodlake went for around $48 million.
Foothills Tennis Village Apartments is a stabilized garden style community, located in a prime Roseville location with access to several large Roseville employers. The property is one of few multifamily communities available in the Rocklin/Roseville submarket, which has a forecasted inventory growth of only 1.6% projected to be delivered to market by 2015.
Woodlake Village Apartments holds a prime location less than one mile from Sacramento State University (28,000 students) on the American River in the University submarket of Sacramento. The property is also located six miles from Downtown Sacramento which provides access to several large Sacramento employers and a stable employment base.