City Park

Cumberland Holdings is pleased to announce the acquisition of Governors Square Apartments in downtown Sacramento, California on May 31, 2011.

Governors Square location is within walking distance to the state capitol and central business district, home of 11 million square feet of office and 70,000 employees. The property is a garden style community built in 1973 with a unit mix of 32 studios, 32 one bedrooms, 32 two bedrooms and 7 three bedroom units. It is a gated community and offers secured covered parking.

The purchase price for the property was $8,450,000 which was capitalized with private equity and a Freddie Mac mortgage of $5,400,000 arranged by Johnson Capital and Prudential Mortgage Capital.

“Cumberland’s current strategy is to focus on cash flow oriented multifamily investments for its private investors. We believe that 75 to 150 unit communities with value add potential located adjacent to where residents work and play are characteristics for generating superior cash flow oriented returns,” states Graham Chernoff, President of Cumberland Holdings.

The property will be renamed City Park Apartments with a comprehensive re-branding strategy focused on internet marketing. Enhancements to the community will commence immediately consisting of new landscaping, exterior building upgrades, signage, renovation of the leasing office, and unit upgrades.

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Cumberland Holdings is an asset management and investment company. The officers of the company have extensive background in the acquisition, finance, and asset management of income producing real estate. The firm has offices in San Francisco and Rolling Hills California.

Sale:

In March 2015, City Park was sold for $12,300,000.  City Park was a compelling value add opportunity in the capital’s urban core.  During the 4 year nership period, Cumberland’s investors received a 170% return generating 18% IRR. 

Click photos to enlarge.
 City Park Conversation Area City Park Outdoor City Park Living Room City Park Kitchen

 City Park Bathroom City Park Exterior