Graceada Partners Spends $23 Mil on Sacramento Multifamily Property

Originally published at RENTV.COM

Graceada Partners, through its Graceada Partners Fund II, acquired Westlake Apartments, a 148-unit residential community in Sacramento. From what we hear, the deal came in around $23.5 mil ($159k/unit). The property boasts a lakeside location at 1 Shoal Court, near downtown Sacramento in the highly desirable Pocket neighborhood.

Graceada Partners plans to extensively renovate and modernize the property including $12k per unit renovations. This will allow them to charge an additional $250 per unit per month, which will significantly increase the value of the property along with increasing Net Operating Income.

Over the years, the neighborhood has had many famous residents including Eddie Murphy, whose wife is a Sacramento native, several players from the Sacramento Kings basketball team and the current mayor of Sacramento, Darrell Steinberg.