SACRAMENTO, Calif., Sept. 18, 2020 /PRNewswire/ — Graceada Partners is pleased to announce the acquisition of the Westlake Apartments on 1 Shoal Court in Sacramento. This 148-unit apartment community has a lakeside location near downtown Sacramento in the highly desirable Pocket neighborhood. The property was purchased for $159,000 per unit while updated properties in the submarket have sold for between $200,000 and $280,000.
“We continue to be bullish about the Sacramento market, while adhering to our disciplined investment process,” said Joe Muratore, CCIM, Principal with Graceada Partners. “We evaluated this property a while ago, before the pandemic, and persisted through our negotiations to yield exceptional results.”
Graceada Partners plans to extensively renovate and modernize the property including $12,000 in 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.
“With conservative underwriting, we anticipate yielding an 18% internal rate of return on this investment,” said Ryan Swehla, CCIM, CPM, Principal with Graceada Partners. “We are excited to improve this prominent asset in the Pocket neighborhood of Sacramento.”
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.
This acquisition is an investment from Graceada Partners Fund II. For more details and video of the property, visit https://www.graceadapartners.com/westlake-apartments
ABOUT GRACEADA PARTNERS
With a half billion in assets under management, Graceada Partners invests in value-added real estate by repairing, rebranding, and leasing-up space. They are the market leader specializing in commercial real estate investment in California’s fastest growing region, the 7.4 million population Central Valley. Born in 2008 during the heart of the Great Recession, the firm is seasoned experts in times of economic uncertainty.
Graceada’s “secret weapon” is the partnership between the firm’s principals, a partnership built on 35 years of friendship and mutual respect. This allows them to challenge each other and create an environment that fosters competitiveness and innovation while limiting confirmation bias in investment and market analysis.
The firm is currently raising and investing Graceada Partners Fund II with a minimum return target of 15% IRR. Graceada Partners’ historical equity multiple is 2.05.
Learn more at http://GraceadaPartners.com.
SOURCE Graceada Partners