10/8/2008

Marcus & Millichap sells 223 units in Roseville, Calif.

by

Venu at Galleria

Marcus & Millichap has directed the sale of Venu at Galleria, a 223-unit multi-family complex in Roseville, Calif., for an undisclosed price.

Kenneth Blomsterberg and Jesse Nickerman of the firm's Sacramento office represented both parties in the deal.

The property is located at 301 Gibson Dr. and was built in 2003. It sold with a five percent capitalization rate and is comprise of studio, one-, two- and three-bedroom apartments.

"The Roseville area has enjoyed tremendous population and job growth in recent years, Venu at Galleria offered the buyer a superior location with solid demographics and the ability to add value," Nickerman said.

Earlier this year, Blomsterberg arranged the sale of a single-tenant office building in Reno, Nev. He represented Tanamera Development, LLC, in the transaction.

Address: 301 Gibson Dr., Roseville, Calif.

Size: 223 units

Built: 2003

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Filed Under: Multi-Family

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