PCCP Provides $100MM in Senior Loans to Oakmont Properties to Acquire Two Apartment Properties in Sacramento, CA
San Francisco, Calif., January 15, 2016 – PCCP, LLC announced today that it has provided in excess of $100 million in senior loans to Sacramento‐based Oakmont Properties to acquire two Sacramento‐area apartment communities totaling 640 units in the cities of Roseville and Rancho Cordova. “These two loans are cross collateralized with each other and presented PCCP with a compelling opportunity to finance stabilized, high‐quality apartment communities in strong suburban Sacramento locations, with experienced ownership,” said Philip Russick, principal with PCCP. “The Sacramento apartment market
continues to improve in both rates and occupancy as the combination of a lack of new supply and an improving job market should continue having a positive effect on housing fundamentals.” The first loan was for the acquisition of The Preserve at Roseville, a 97 percent occupied, 336‐unit, Class A garden‐style apartment community in Roseville. Built in 1999, the property is located at 1299 Antelope Creek Drive and is situated on 17.6 acres. The property is just 30 minutes from downtown Sacramento; is adjacent to the Douglas Boulevard Office Corridor; and is also very close to services, executive housing, and two large hospitals (Kaiser Permanente and Sutter Health). The asset further benefits from convenient highway access via I‐80 and I‐65.