Sack Capital, Align Finance Close Financing for Two Step Up Housing Acquisitions

Sack Capital Partners, a San Francisco-based real estate investment and management firm, and Align Finance Partners have closed structured financing for Step Up Housing’s acquisition of two California multifamily communities: Copper Creek, a 268-unit community in Sacramento; and Terramonte at Foothill, a 138-unit community in Pomona. The combined transactions total 406 units at $91.35 million. Sack will provide asset and property management for both properties.

Located at 6430 Verner Ave in Citrus Heights, Copper Creek is a 268-unit garden-style community that traded for $54.65 million. A CBRE team of Marc Ross, Joe McNamara, Claire Holt, Andrew Behrens, and Jesse Weber represented the seller.

As previously reported on Connect CRE, Kevin Green, Christopher Zorbas, Joseph Grabiec, Alexander Garcia, Jr., and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, arranged the $36.7-million sale of Terramonte at Foothill.

“These two communities give us a foothold in two of California’s most resilient renter markets – greater Sacramento and the Inland Empire gateway of Pomona,” said David Feinberg, Sack Capital Partners managing partner. “Both properties offer the kind of stable in-place cash flow and clear value-add path that we look for, and we’re looking forward to investing in the resident experience at both communities.”

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints