SACRAMENTO—The Sacramento apartment market continues to improvein both rates and occupancy as the combination of a lack of newsupply and an improving job market is expected to further lead to apositive effect on housing fundamentals. With regard to theimproving multifamily market, two Sacramento-area apartmentcommunities have been acquired, totaling 640 units in Roseville, CAand Rancho Cordova, CA. PCCP LLC provided inexcess of $100 million in senior loans to Sacramento-basedOakmont Properties for the two-propertyacquisition.
Philip Russick, principal with PCCP, tellsGlobest.com: "These loans fit into PCCP's strategy of lendingagainst quality real estate with experienced borrowers."
The first loan was for the acquisition of ThePreserve at Roseville, a 97% occupied, 336-unit, class-Agarden-style apartment community. Built in 1999, the propertyis located at 1299 Antelope Creek Dr. and is situated on 17.6acres. The property is just 30 minutes from downtown Sacramento; isadjacent to the Douglas Boulevard office corridor; and is alsoclose to consumer services, executive housing and two largehospitals (Kaiser Permanente and Sutter Health). The asset furtherbenefits from convenient highway access via Interstate-80 andInterstate-65.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
