CBRE facilitated the $54.6-million sale of The Falls at Arden, a 272-unit multifamily community located at 2345 Northrop Ave. in Sacramento. The property was acquired by locally based Jackson Square Properties.
Marc Ross, Joe McNamara and Claire Holt of CBRE represented the seller, Demmon Partners, a family-owned real estate investment, management and development firm based in Sacramento. Ryan Greer and Trevor Breaux with CBRE’s Capital Markets Debt & Structured Finance team arranged acquisition financing on behalf of the buyer.
Built in 1986, The Falls at Arden offers studio, one- and two-bedroom floorplans averaging 679 square feet. During its ownership Demmon Partners, vastly improved the amenity package on site and completed laundry installations in nearly every apartment. The property was 97% leased at the time of sale.
“The Falls at Arden has consistently demonstrated strong operational performance and low vacancy, which we anticipate will translate to significant success for the new ownership,” said Ross.
Photo credit: Digital Sky Photography.
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