SACRAMENTO, CA-Fairfield Residential of San Diego has sold the 384-unit Granite Point Apartments here to Milwaukee-based Northwestern Mutual for slightly more than $48.7 million. The 16-building development is located in the North Natomas area at 4500 Truxel Rd., which is directly across from the Arco Arena and six miles north of Downtown. As part of the transaction, Fairfield retains the property management contract.Northwestern Mutual is a direct provider of individual life insurance. It has $21 billion invested in real estate debt and equities. Northwestern Investment Management Co. LLC is the company’s commercial real estate investment vehicle. The company invests in real estate debt and equity deals ranging in size from $10 million to well over $100 million. Fairfield Residential develops, renovates and manages both affordable and luxury apartment communities. The company owns 150 properties in 13 states and the District of Columbia.Brokers Mark Leary and Curtis Gardner of Arroyo & Coates brokered both sides of the transaction.

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