BRE Completes Exit From Capitol Market
Tuesday, August 18, 2009
Source: GlobeSt
GlobeSt reports: San Francisco-based apartment REIT BRE Properties says it has completed a series of planned dispositions in Sacramento, California. Arbor Point is a 20-building, 240-unit property built in 1987 on 20 acres at 9750 Old Placerville Rd. in Sacramento. Overlook at Blue Ravine is a 39-building, 512-unit property constructed in 1991 and 2001 on 39 acres at 1200 Creekside Dr. in nearby Folsom. Both assets were approximately 93% leased when they came to market at the beginning of the year.
Overlook sold for $51 million, or $99,609 per unit, according to BRE; the buyer was David Mercer of California, according to Real Capital Analytics. Arbor Pointe was sold for $16 million or $66,666 per unit to an unidentified Bay Area-based private investor. Curtis Gardner and Mark Leary, principals in the West Coast office of Atlanta-headquartered Apartment Realty Advisors had the disposition assignment.
BRE revealed its plan to exit the Sacramento market some 18 months ago.
View the full article on GlobeSt: BRE Completes Exit From Capitol Market
Posted by: Mark Alferman