ARA Closes Sale of Laurel Oaks

SACRAMENTO, CA-ARA, a national leader in the multihousing industry, has completed the sale of Laurel Oaks Apartments for $35 million.

The property, a 520-unit garden style apartment community built in 1984, is located in the South Natomas area of Sacramento. LDK Capital and the Garibaldi Company purchased the asset for $35 million which is $67,308/unit and $85/foot.

The ARA Pacific team, led by San Francisco-based principal, Mark Leary, served as the exclusive advisors on the transaction. According to Leary, “San Diego based ConAm sold the asset after owning it for nearly 30 years and LDK Capital and The Garibaldi Company plan on holding it for at least 10 years. The sale provided ConAm the ability to harvest long term equity. While at the same time the acquisition was a great opportunity for the buyers to take advantage of the rising rental rates.”

Laurel Oaks Apartments is in excellent condition, offers a prime commuter location with a close commute to downtown Sacramento and other retail. In addition, 65% of the units in the community have been renovated including faux hardwood floors in the kitchen and bathrooms, new carpeting, countertops, and cabinets. The property also underwent exterior capital improvements over the past ten years, including new wood siding and exterior paint, new roofs, a new clubhouse/leasing office, and a new pool area. Laurel Oaks Apartments was 94% occupied at the time of sale.

Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production vol

Founded in 1975, The ConAm Group of Companies is a full-service real estate management and investment firm specializing in multifamily housing. Based in San Diego, California, the firm oversees a nationwide portfolio of approximately 50,000 fee-managed and company-owned apartments.

LDK Capital, LLC is family-owned and operated by Larry Kelley and his son Denton Kelley. LDK Capital, LLC has a history in both land development, commercial development, and redevelopment. LDK is the master developer and owner of McClellan Business Park and the Stanford Ranch master planned community (both of which are located in the Sacramento area).  

The Garibaldi Company is an Accredited Management Organization Firm with the Institute of Real Estate Management currently owner/operator managing several thousand apartment units, and roughly 100,000 square feet of retail and commercial space throughout California, with its corporate office located in Stockton, CA. The Garibaldi Company was formed in 1991 by Mark Garibaldi.