Newmark has represented ColRich in the $36,250,000 purchase of “The Luxe” apartment home community, a 220-unit multifamily asset measuring ±164,840 Square Feet.
The purchase by ColRich further solidifies the company’s commitment to the Sacramento market. ColRich now owns over 1,100 units in the Sacramento MSA. This was an off-market transaction that included two loan assumptions and was a 1031 exchange for ColRich. The seller of the property was Southern California based Latitude Real Estate Investors.
Located at 2501 Hurley Way in Sacramento, the property is comprised of two separate parcels: 2501 Hurley Way and 2510 Wittkop Way.
“As far as number of units are concerned, this is one of the largest multifamily transactions in Sacramento during the 2nd quarter of 2019,” said LeBeouf.
This is the second 200+unit transaction sold by LeBeouf and Pappageorge in the second quarter of 2019 and the sixth transaction the team has sold in the Sacramento market in the past 18 months.
The Luxe is a gated community and amenities include a Business Center, Clubhouse, Courtyard, Fitness Center, Swimming Pool and a Spa. The asset is located roughly 15 minutes from the heart of downtown Sacramento.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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