CBRE Facilitates $77M Sale of 264-Unit Elk Grove Apartment Community

CBRE has arranged the sale of The Artisan, a 264-unit Class A apartment community in the Elk Grove submarket of Sacramento, California, to Weidner Apartment Homes for $77 million or $291,666 a unit.

CBRE’s Marc Ross, and Hasina Ahmadi represented the seller, Sequoia Equities and Coit Financial, in the transaction. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly with CBRE Capital Markets Debt & Structured Finance arranged the financing on behalf of the buyer.

The Artisan, completed in 2005, features one-, two- and three-bedroom units averaging 1,032 square feet. The units feature nine-foot ceilings, faux wood vinyl flooring, quartz countertops, stainless steel appliances, walk-in closets, full-size washers and dryers and private balconies or patios. Community amenities include a resort-style pool, outdoor grilling area, fitness center, community kitchen, game room and lounge, playground, and dog park.

“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 CBRE’s Ross.

Previous ownership invested nearly $1.3 million in the property, which included interior upgrades to approximately 75% of the units and various exterior upgrades.

Located at 8282 Calvine Road, The Artisan is accessible to various large corporate employers and healthcare systems and is less than a 20-minute drive from Sacramento’s central business district via Highway 99. There is a plethora of retail options in the area, including Target, Costco, and Sam’s Club within a five-minute drive of the property, Delta Shores, one of the region’s largest retail centers, within a 15-minute drive, and Downtown Sacramento within a 20-minute drive. The property is located within the “A” ranked Elk Grove Unified School District, among the nation's top 10% of school districts and the largest in Northern California.