ROCKLIN, CA-FPA Multifamily LLC has paid $48.3 million for a multifamily property in Rocklin, California. The company has acquired the 452-unit Meridian at Stanford Ranch community from Demmon Partners.
The apartment community sits on a 3,500-acre lot. FPA bought the property for its Apartment Opportunity Fund III. The sales price breaks down to about $120 per square foot, or $106,969 per unit. Institutional Property Advisors, a unit of Marcus & Millichap Real Estate Investment Services Inc., advised both parties in the sale. For the full story, go to Commercial Property Executive .
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