SACRAMENTO—The Fountains at Point West is a 339-unit value-addmultifamily property located at 1761 Heritage Lane in theArden-Arcade submarket, across the street from the Arden Fair Malland Kaiser Permanente's Point West Campus. The asset recently soldfor $85.15 million to Salt Lake City-based Bridge InvestmentGroup.
"This marks the first significant multifamily sale to occur inSacramento since the COVID-19 pandemic hit, which is a testament tothe property's status as a landmark asset in the region," says MarcRoss, executive vice president in the CBRE Sacramento office, whorepresented the San Rafael-based seller, Oakmont Properties.
The property, which was built in 1974, underwent substantialexterior renovations including new roofs, complete exteriorresiding, replacement of balconies and stair towers, elevatedwalkways, installation of dual pane windows, exterior paint,landscaping, and an upgraded fitness center and clubhouse. OakmontProperties fully renovated 23 units, allowing Bridge InvestmentGroup to benefit from renovating the remaining units andrevitalizing vacant community spaces.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
