Published at Multi-Housing News
Graceada Partners has purchased Westlake Apartments, a 148-unit apartment community in the Pocket neighborhood of Sacramento, Calif. According to Yardi Matrix, The Lily Co. sold the property for $23.5 million. The acquisition was financed with a $17.5 million loan from California Bank of Commerce.
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Modesto, Calif.-based Graceada Partners has acquired two assets in Sacramento in separate deals. The firm acquired a two-story office building, located at 2101 Arena Blvd. It is 100 percent occupied by the State of California Department of Business Oversight as its headquarters. The property was purchased for $155 per square foot, while comparable fully leased properties are selling in excess of $180 per square foot and replacement cost is over $300 per square foot.
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