Transwestern Facilitates 1031 Exchange, Unlocks Value-Add Opportunity for Buyer
October 29, 2021
SACRAMENTO, CALIF. – Transwestern Real Estate Services (TRS) announces the team of Shivu Srinivasan, Robert Dau, Dante Giacomini and Connor McGarty represented both parties in the sale of Park Knoll Apartments, a 160-unit multifamily community at 10680 Coloma Road in Rancho Cordova, California. FPA Multifamily acquired the asset from an undisclosed seller for $25 million, or $156,000 per unit.
“Park Knoll Apartments has a strong in-place cash flow with considerable upside potential, making it an attractive investment opportunity for new ownership,” said Srinivasan. “Transwestern was able to negotiate excellent terms, timing and a competitive sale price for both the buyer and seller, resulting in a seamless transaction.”
The garden-style multifamily community features amenities such as a pool, dog park and on-site laundry. Park Knoll Apartments, which offers convenient access to Highway 50 and Interstate 80, is 20 miles from Sacramento and within driving distance of the Bay Area, Lake Tahoe and the Central Valley.
“Sacramento has experienced a surge in demand for quality, affordable multifamily units due to the high cost of living in nearby metropolitan cities,” said Srinivasan. “In addition to its affordability, the private and public job sectors in Sacramento are strong, making it an attractive market for professionals.”
Year to date, Transwestern’s San Francisco Investment Services and Multifamily Sales team has brokered several transactions in greater Sacramento and the I-80 corridor, totaling over 500 units with a combined value over $100 million.
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About FPA Multifamily, LLC
FPA Multifamily, LLC is a real estate operating company focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 133,000 apartment units valued at over $17 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VII which will acquire approximately $3.0 billion of assets and its core-plus focused FPA Core Plus Fund V which will acquire approximately $1.9 billion of assets. Headquartered in San Francisco, FPA also has offices in Atlanta, Chicago, Dallas, Denver, Irvine, Minneapolis, and Washington DC. For more information, please visit www.fpamf.com.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.