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Weidner Acquires Elk Grove Apartments for $77M
CBRE arranged the sale of The Artisan, a 264-unit Class A apartment community in Elk Grove, a suburb of Sacramento. Weidner Apartment Homes paid $77 million, or $291,666 per unit.
CBRE’s Marc Ross and Hasina Ahmadi represented the sellers, Sequoia Equities and Coit Financial. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly with CBRE Capital Markets Debt & Structured Finance arranged the financing on behalf of the buyer.
Located at 8282 Calvine Rd. and completed in 2005, The Artisan features one-, two- and three-bedroom units averaging 1,032 square feet. Previous ownership invested nearly $1.3 million in the property, which included interior upgrades to approximately 75% of the units and various exterior upgrades.
“The Artisan is a well-maintained Class A apartment community in the dynamic and fast-growing Elk Grove suburb, offering the buyer an exceptional asset with the ability to grow NOI and capitalize on numerous economic and locational advantages,” said Ross.
- ◦Sale/Acquisition
