Cushman & Wakefield
Cushman & Wakefield has brokered the sale of a 397 unit garden-style multifamily development site on 18 acres in Rocklin (Sacramento), California.
The site was acquired by Advanced Building Solutions (ABS), a full-service development and construction company based in Petaluma, California for US $19 million, or approximately US $47,850 per unit. The seller was a joint venture between Tekin Development and Guardian Capital.
Located at 6250 W Oaks Blvd, near the border of Rocklin and Roseville and Highway 65, a new two-phase development called ‘The Harper’ is planned on the site, with the first phase totaling 237 units and the second, 160 units.
Cushman & Wakefield Executive Managing Director Jason Parr and Managing Director Scott MacDonald were supported by colleagues John Hansen, Sydney Ladrech during the sale, with Brayden Joel who is with the practice’s Multifamily Advisory Group in Northern California, represented both buyer and seller in the transaction.
Parr says: “With continued residential growth and demand from both renters and owners, Rocklin is considered a top suburban submarket in the Sacramento region.”
This was a highly compelling opportunity for ABS to continue to expand its multifamily portfolio.
MacDonald adds: “Situated in a preferred Rocklin neighborhood and with a shovel-ready first phase, this was a highly compelling opportunity for ABS to continue to expand its multifamily portfolio.
“Rocklin’s award-winning public schools and vibrant lifestyle amenities make it widely recognized as a top place to live in not just Northern California but nationally. That, in combination, with the continued growth prospects for the area and the overall scale of this project will allow for our clients to create a special and thriving apartment community at this site.”
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