JV Acquires Sterling Pointe Apartment Community in Sacramento for $33M
SACRAMENTO — A joint venture between Ridge Capital Investors and Contrarian Capital Management has purchased Sterling Pointe, a Class B multifamily property located at 2237 and 2257 Hurley Way in the Arden-Arcade submarket of Sacramento. An undisclosed seller sold the property for $33 million.
Built in 1972, Sterling Pointe features 250 apartments. The partnership plans to implement a renovation program that will include improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, Sterling Pointe plans to compete with comparable Class B+ and A- properties.
FPI Management will provide third-party management services for the property. John Shaffer, Brian Nelson and Nicole Parrish of Colliers International Sacramento represented buyers in the transaction.