Sale Price:

$7,450,000

Cap Rate:

4.25%

Price/SF:

$295.63

Price/Unit:

$266,071

Gross Building Area:

25,200 SF

Lot Size:

51,401 SF

Status:

Closed

Submarket:

Out of Area

Property Type:

Apartments

Strategy:

Value Add

Sierra Meadows Apartments, one of only two apartment communities in the prestigious South Placer County community of Loomis. The property offers residents a single floor plan type, a large 900 square foot two-bedroom/one-bath arrangement. The property is situated on two parcels and is accessed via Brace Road.

The Town of Loomis is a highly desirable submarket of Sacramento, with one of the region's mostly highly sought-after school districts and a bourgeoning downtown that aptly claims "A small town is like a big family." According to Zillow, the “typical home value” in the 95650 zip code rose 21.4 percent in the past year, nearly topping $900,000. Sierra Meadows enjoys the distinction as the largest multifamily property in the town. Most of the apartment rental competition in the area is not only in neighboring City of Rocklin, but the product is much newer construction. Sierra Meadows enjoys the comfortable position of being the affordable alternative to residents and some may argue in the more desirable zip code.

Listed By:

Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 373-3237