The Co-managing Members of the entity are Verduga Enterprises, LLC and WCP Winsted, L.P. The Asset Manager of the entity is BayHarbor Management Services, Inc. Curtis Gardner and Mark Leary of Arroyo & Coates represented both parties in the negotiation of the sale.
The acquisition consists of 208 multifamily units on 11.75 acres. The property consists of 13 newly constructed, fully equipped luxury apartment buildings, a clubhouse and exercise room. The sale price for the property comes out to an average per door price of $110,096 and an average per sf price of $122.07.
Experts see residential investments as far less risky than office investments in today's market. Earlier this year, Sacramento Self-help Housing surveyed 333 apartment complexes in Sacramento County and West Sacramento last month and found a vacancy rate of less than 1.5 percent among 34,219 units.
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