Demmon Partners sold the 452-unit multifamily property at 2121 Sunset Blvd. in Rocklin, CA, to Fowler Property Acquisitions for $48.35 million, or approximately $107,000 per unit.
Known as Meridian at Stanford Ranch, the units are a mix of one- and two-bedroom apartments with rents ranging from $920-$1,320 per month. The property was 94 percent leased at the time of sale.
Stanford Jones, Philip Saglimbeni and Sal Saglimbeni of Marcus & Millichap represented the seller, while the buyers were represented in-house.
For more information on this sale transaction please see CoStar COMPS #2238117.