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Bridge Buys Sacramento MF for $85M

Salt Lake City-based Bridge Investment Group acquired The Fountains at Point West, a 339-unit value-add multifamily property in Sacramento, from Oakmont Properties for $85.15 million. Built in 1974, the property at 1761 Heritage Ln. is located in the Arden-Arcade submarket of Sacramento, across the street from the Arden Fair Regional Mall and Kaiser Permanente’s Point West Campus.

The community underwent substantial exterior renovations including new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual pane windows, exterior paint, landscaping, and an upgraded fitness center and clubhouse. Oakmont Properties fully renovated 23 units, allowing the new owners to benefit from fully renovating the remaining units and revitalizing vacant community spaces.

CBRE’s Marc Ross, who represented the seller, says, “This marks the first significant multifamily sale to occur in Sacramento since the COVID-19 pandemic hit, which is a testament to the property’s status as a ‘landmark’ asset in the region.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.