SACRAMENTO, CA-ARA is marketing two garden-style Sacramento-area apartment communities valued at a combined $85 million. Woodlake Village, a 646-unit community located in the University submarket of Sacramento, was built in 1979. Foothills Tennis Village, a 268-unit community located in the city of Roseville, was built in 1988.
Woodlake Village is located less than one mile from Sacramento State University in the University submarket of Sacramento. The property is a short commute to Downtown Sacramento, which has over 18.6 million square feet of office space and which accounts for 22% of the office space in the Sacramento MSA. In addition, the location offers a short commute to various business parks along the Highway 50 corridor which has over 16 million square feet of office space. Woodlake Village is approximately 97% occupied.
Foothills Tennis Village is located in the city of Roseville, which boasts one of the strongest rental markets in the Sacramento Metro Statistical Area. Rent growth in the Roseville submarket over the next five years is projected to average 4.5% annually. Limited new product and high rent growth make a great case for long-term ownership of the asset. The Roseville/Rocklin market also features roughly 10 million square feet of office space. Foothills Tennis Village is approximately 97% occupied.
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