SACRAMENTO — San Rafael, Calif.-based Oakmont Properties has completed the disposition of The Fountains at Point West, a value-add apartment property located at 1761 Heritage Lane in Sacramento. Salt Lake City-based Bridge Investment Group acquired the asset for $85.1 million.
Built in 1974, The Fountains at Point West features 339 units in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities include a 12,000-square-foot clubhouse; theater room; multi-story fitness center with racquetball courts; three pools and spas; multiple waterways and fountains; a barbecue area; three tennis courts; a basketball court; underground garage parking; and elevators serving the three-story buildings.
The property recently underwent exterior renovations, including new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual-pane windows, exterior paint, landscaping and an upgraded fitness center and clubhouse. The seller has fully renovated 23 units, allowing Bridge Investment Group to renovate the remaining the units and revitalize the remainder of the property.
Marc Ross of CBRE’s Sacramento office represented the seller in the transaction.