Two Apartment Complexes Sold by Northwest-based Company

SACRAMENTO, CA-Holland Residential engaged the Sacramento Multi-Housing Group of CBRE to facilitate Holland's exit from the Sacramento market with the sale of Bella Vita and Copper Creek.

Bella Vita, a 220-unit Class B multi-housing community located in the Arden-Arcade submarket of Sacramento, sold for $15.5 million to Bay Area-based Green Leaf Partners on July 31. Copper Creek, a 268-unit multi-housing community located in the Citrus Heights submarket of Sacramento, sold for $21.05 million to Bay Area-based JCM Partners on August 29. The CBRE team was led by Marc Ross and William Blucher.

“Holland performed a major exterior renovation on both properties when they were acquired in 2006, making them ideal candidates for a moderate interior renovation program taking advantage of the strengthening fundamentals in both submarkets,” says Ross who leads the Sacramento Multi-Housing Group at CBRE. “With job growth now kicking in across nearly every major sector, and over 100,000 jobs left to create before returning to our peak employment base, the Sacramento apartment market is poised to benefit significantly as the market transitions from the recovery phase of the cycle into the expansion phase.” The team has brokered five deals totaling more than $56 million in the Sacramento Region so far this year, with over $15 million in pending closings and another $108 million currently on the market.

Holland Residential has been focused on new development throughout the Pacific Northwest, which was the impetus for their exodus of the Sacramento market. “Despite improving fundamentals throughout the Sacramento Region, we have decided to focus on new development in markets in which we have a greater presence,” according to Jeff Pedigo of Holland Residential. “Given these were our only two assets in Sacramento, it made sense to redeploy our capital elsewhere.”

Bella Vita was built in 1975, and offers spacious floor plans, over 35% of which are the popular townhouse style, and are a great match for the area's rental needs. Community amenities include a leasing office, clubhouse, two pools, two spas, fitness center and covered parking. Copper Creek was built in 1987 and offers high-level amenities such as in-unit washer/dryers, walk-in closets, wood burning fireplaces and scenic open space views in select units. Bother properties are convenient to major employment centers and national retailers.

CBRE Group, Inc., headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2012 revenue). The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.