SACRAMENTO, CALIF., AND LOS ANGELES — Decron Properties has traded a 264-unit multifamily property in Sacramento, plus some cash, to Sequoia in a direct exchange for a two-property, 504-unit apartment portfolio in Simi Valley. The combined value of the properties was estimated at $193 million.
Decron acquired the 372-unit the Villas and the 132-unit Overlook for $141 million. Both communities are situated on Country Club Drive within half a mile of each other in the 4,000-acre Wood Ranch master-planned community.
Sequoia took title to Broadstone at Strawberry Creek, a 264-unit apartment community in the Sacramento suburb of Elk Creek, for $52 million. Broadstone was Decron’s first investment in Northern California when they acquired the property in June 2012.
Stan Jones, Philip Saglimbeni, Salvatore Saglimbeni, Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both Decron and Sequoia in the transaction. The trade required more than 15 lawyers across five law firms.