SACRAMENTO — Voit Real Estate Services’ Sacramento office has successfully completed the $10.825 million acquisition of Westwood Apartments, a 182-unit multifamily apartment community located in Carmichael on behalf of the buyer. The community, which is comprised of 29 buildings situated on 6.69 acres, consists of apartments ranging from studios to three-bedroom units, according to Rod Ballinger of the Gallelli Investment Team, an assistant vice president in Voit’s Sacramento office.
Ballinger worked with Gary Gallelli, an executive vice president in Voit’s Sacramento office, to represent the buyer, Hill Westwood Holdings LLC, in the transaction.
“Sacramento’s multifamily market has been increasingly active over the past 12 months, especially among investors,” explained Ballinger. “With cap rates low and demand for product increasing, now is the time for buyers to make deals in the market.”
According to Ballinger, Voit’s client was seeking a well-located property with an abundance of on-site amenities.
“We know that Carmichael is a sought-after submarket in the Sacramento region, and we were successful in recognizing the value in this property and communicating that to our client,” he said. “Westwood Apartments is known for its resort-like quality, presenting an ideal investment opportunity for Hill Westwood Holdings.”
The apartment community features an array of amenities, including a fitness center and pool, as well as balconies and in-unit fireplaces.
About Voit Real Estate Services
Voit Real Estate Services is now a 10-office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume.
Further information is available at voitco.com.