ROSEVILLE, CALIF. — SyRES Properties has acquired the 465-unit Rosemeade at Olympus Pointe apartment complex for an undisclosed sum. The community is located at 1451 Rocky Ridge Drive. Rosemeade at Olympus Pointe was built in 1992.
The transaction is the largest multifamily deal ever in the Sacramento region, according to CBRE, which represented the seller, the ConAm Group and an institutional client advised by CenterSquare Investment Management. Reports put the deal valued at more than $70 million.
The ConAm Group ultimately re-capitalized the deal, partnering with SyRES Properties, a subsidiary of Syufy Enterprises. This is SyRES Properties’ first multifamily acquisition.
The seller was represented by CBRE’s Marc Ross, William Blucher, Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.