Sack Capital, Align Finance Close Financing for Two Step Up Housing Acquisitions
Sack Capital Partners, a San Francisco-based real estate investment and management firm, and Align Finance Partners have closed structured financing for Step Up Housing’s acquisition of two California multifamily communities: Copper Creek, a 268-unit community in Sacramento; and Terramonte at Foothill, a 138-unit community in Pomona. The combined transactions total 406 units at $91.35 million. Sack will provide asset and property management for both properties.
Located at 6430 Verner Ave in Citrus Heights, Copper Creek is a 268-unit garden-style community that traded for $54.65 million. A CBRE team of Marc Ross, Joe McNamara, Claire Holt, Andrew Behrens, and Jesse Weber represented the seller.
As previously reported on Connect CRE, Kevin Green, Christopher Zorbas, Joseph Grabiec, Alexander Garcia, Jr., and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, arranged the $36.7-million sale of Terramonte at Foothill.
“These two communities give us a foothold in two of California’s most resilient renter markets – greater Sacramento and the Inland Empire gateway of Pomona,” said David Feinberg, Sack Capital Partners managing partner. “Both properties offer the kind of stable in-place cash flow and clear value-add path that we look for, and we’re looking forward to investing in the resident experience at both communities.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout