[IMGCAP(2)]Leary, Curtis Gardner and Nate Oleson of ARA represented both the buyer and the seller of the complex, which was sold by a Bay Area-based private investor. The property is at 1751 E. Roseville Parkway, adjacent to a Safeway supermarket- anchored center in the affluent Granite Bay district.
The 45-building complex, with units of one to three bedrooms that average 1,043 square feet and rent for an average of $1,050, was 92% occupied at the close of escrow.
Leary says that a primary reason for the 14 offers despite the soft economy is that Slate Creek is in the Granite Bay area, where median home prices are the highest in the region at $585,000. It is one of the best-located multifamily assets in the region, he says.
The Slate Creek complex, which was completed in 1989, is situated on more than 38 acres and features three resort-style swimming pools, two fitness centers, a resident activity and business center, picnic areas with barbecue grills and tennis and basketball courts, with dozens of mature oak trees.
According to John Adair, a principal with Prime Group, his company completed due diligence in just seven business days. "Even though the current economy remains challenging, we believe in the long-term potential of the multifamily rental business in California and hope to make more investments like this in 2010," Adair said.
Leary says that Prime Group financed the acquisition with a Fannie Mae loan and that most of the buyers were looking for debt from either Fannie Mae or Freddie Mac.
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