ROSEVILLE, CA—A partnership formed by SyRES Properties, LLC and ConAm Properties, LLC has purchased Rosemeade at Olympus Pointe, a 465-unit multifamily property located at 1451 Rocky Ridge Drive in Roseville.
Dennis Sidbury, senior vice president of NorthMarq Capital's San Francisco-based office, secured $52 million in financing for the acquisition. The transaction was structured with a 20-year term with 3 years interest only and a 25-year amortization schedule. NorthMarq arranged financing for the transaction, a joint venture between entities, through its correspondent relationship with a life insurance company. The seller will remain on as property manager and carry a minority interest in the new borrowing entity.
“This transaction is an ideal fit for SyRES Properties and we plan to continue to grow our portfolio with similar high-quality acquisitions,” said Glen Ceridono, senior vice president for the firm and head of acquisitions.
“The subject property is a high-quality asset in a very tight apartment market,” said NorthMarq's Sidbury. “The borrower, Rosemeade Residential Holdings, LLC, preferred a longer-term financing so it was an ideal fit for a life insurance company. The property will undergo some minor upgrades but is essentially a core acquisition and long-term hold.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
