Beverly Hills, CA-based KF Properties has purchased The Eleven Hundred, a 565-unit, 45-building multifamily community in the Arden-Arcade submarket of Sacramento, CA. CBRE represented the seller, OpenPath Investments in the $119 million transaction.
Located on Howe Avenue, the Eleven Hundred features studio, one-, two-, three- and four-bedroom units averaging 775 square feet. OpenPath recently upgraded the exterior with new paint and sidings, performed a complete electric overhaul and renovated the tennis courts, pool bathrooms and clubhouse. The property also features a fitness room, hot tub, playground and grilling area.
“The Eleven Hundred has the most expansive amenity set in the area and offers the buyer a unique opportunity to implement a full unit renovation. KF Properties has a stellar track record with large scale renovations and I’m excited to see how they reposition the asset,” said Marc Ross with CBRE’s Sacramento Multifamily Investment Properties group.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.