Three multifamily projects totaling 550 units in Sacramento, CA:
- College Gardens (100 units) acquired in April 2015
- The Marq (200 units) acquired in February 2016
- University Village (250 units) acquired in March 2016
In 2015 we acquired College Gardens, one block from the Sacramento State campus and bordering the American River. Two communities which are adjacent to College Gardens, The Marq and University Village, were acquired in 2016. Our vision was to transform these three properties into one combined student community. The acquisitions also included an empty one-acre parcel in the middle of the community.
All three properties were combined to operate as one student housing community. Construction commenced as soon as escrow on University River Village closed. A student center, pool, sports courts, barbecues, common area amenities, security gates and fencing was added.
Rents increased approximately 30% and operating cost decreased by approximately 15% as a result of economies of scale. An additional 45 units will be built on the one-acre parcel and more than 22 parking spaces will be added.