Graceada Partners announced it recently closed on a total of $46 million of multifamily acquisitions. The properties were purchased as a co-investment with a major life insurance company. The two properties were purchased from private sellers.
Lofts @ Stadium Square, located in Fresno, Calif., is a 232-unit multifamily property that was purchased for $29.9 million, or $129,000 per unit. The purchase closed Feb. 23.
Vantage Point Apartments, located in Bakersfield, Calif., is a 144-unit multifamily property that was purchased for $16.5 million, or $115,000 per unit. The purchase closed Feb. 29.
Both acquisitions have more than 8 percent yield on cost. Graceada Partners will be managing the properties and business plans.
The acquisition of both properties fits into Graceada Partners’ focus on acquiring multi-tenant industrial and multifamily properties in inefficient secondary and tertiary markets of the Western United States.
