ROSEVILLE, CA-A private investment group has acquired the 612-unit Slate Creek at Johnson Ranch apartment complex in this Sacramento suburb from San Francisco-based Prime Residential for $76.5 million in a deal brokered by Institutional Property Advisors. The seller was represented by the IPA team of Stan Jones, Phil Saglimbeni and Sal Saglimbeni, along with Ken Blomsterberg, a first vice president investments with affiliated brokerage firm, Marcus & Millichap Real Estate Investment Services.

Jones, commenting on the sale in an announcement, said: "Slate Creek combines a very unique setting, favorable resident profile and a compelling value-add story. The local market conditions in the Roseville/Rocklin submarket are continuing to strengthen, as evidenced by low vacancy rates and measurable market-rent growth over the past year."

Saglimbeni added, "The asset was well-received by the investment community and was acquired subject to the assumption of a favorable agency loan. The escrow closed in less than 30 days from the execution of the purchase contract."

The 638,040-square foot property is located at 1751 E. Roseville Parkway, at the entrance of Granite Bay, an exclusive neighborhood of single-family homes. The asset is immediately adjacent to an upscale, grocery-anchored shopping center.

Constructed in 1989, Slate Creek at Johnson Ranch is composed of two- and three-story wood frame buildings and is spread out over a 43-acre parcel, representing a low density of 14.2 units per acre.

The IPA team of Stan Jones, Phil Saglimbeni and Sal Saglimbeni also was involved in the recent sale of two prime development parcels in San Francisco, as reported on GlobeSt.com recently. IPA is a Marcus & Millichap company.