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ROSEVILLE, CALIF. — A joint venture between SyRES Properties and ConAm Properties has received $52 million in acquisition financing to purchase the 465-unit Rosemeade at Olympus Pointe apartment community in Roseville. The community is located at 1451 Rocky Ridge Drive.
The loan features a 20-year term with three years interest only and a 25-year amortization schedule. It was arranged for the JV by Dennis Sidbury of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with a life insurance company.
The unnamed seller will still serve as property manager. It will also carry a minority interest in the new borrowing entity, Rosemeade Residential Holdings LLC. SyRES Properties is a Syufy Enterprises company.