"The Sacramento market has remained strong with continuedpopulation and job growth, despite the current state of theeconomy," says David Blenko of Haverford Capital, which provided$3,942,000 of equity funding for the deal. "In the past two years,rental rates have increased over 10 percent and vacancies haveremained low. This project provides housing close to the area'smajor business centers and can be upgraded and repositioned in thistight housing market."

The Suncreek Apartment complex consists of 268 units in a197,600 SF space, which is nearly fully occupied. Located in theCitrus Heights area, it is constructed in the mid-1980's vintagedesign.

The transaction was a direct deal between the joint venture andthe seller, Suncreek 268 LPD, according to a spokeswoman forHaverford. The new owners plan to renovate the property, includinglandscaping, building exterior updates and repairs.