Sacramento, CA – September 22, 2016 – On behalf of Green Leaf Partners, CBRE Capital Markets announced it has arranged the sale of Green Leaf Arbors, a 220-unit, Class B apartment community located in the heart of Sacramento, California.
Marc Ross of CBRE’s Sacramento office represented Green Leaf Partners in the sale. The asset was purchased by Latitude Real Estate Investors.
“This presented an excellent opportunity to invest in a rising submarket within the best performing apartment rental market in the nation,” said Mr. Ross, senior vice president, Multifamily, CBRE Capital Markets. “The property’s exterior and various community amenities were recently renovated, but its basic interior finishes still allow the new owner an opportunity to create significant value through strategic upgrades.”
Located at 2501 Hurley Way, Green Leaf Arbors is in the center of the Arden-Arcade submarket. The two-story, garden-style complex was built in 1975 and features 30 buildings on 9.66 acres. Community amenities include a renovated leasing center and clubhouse, townhouse style floor plans with in-unit washer/dryers, walk-in closets and private patios, two swimming pools, a fitness center and an outdoor barbeque area. The property is ideally located with convenient access to Highway 50, the southern east-west freeway in the metropolitan area, Interstate 80, the northern east-west freeway, and Highway 160.
CBRE’s Debt & Structured Finance Group, led by Troy Tegeler and Brian Eisendrath, provided the acquisition financing for the buyer.
Sacramento is ranked first nationally by Axiometrics for annual effective apartment rent growth, experiencing 11.6 percent rent growth year-over-year as of August 2016.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.