Local Firm Acquires Sacramento Apartments for $8MMonday, April 8, 2013
San Diego-based Jupiter Investment Group Inc. has purchased a 125-unit apartment complex in Sacramento for $8 million. Wedgewood Apartment Homes was built in 1970 in the Pocket-Greenhaven neighborhood of Sacramento, according to a statement from brokerage firm CBRE, which represented the buyer.
The seller was Truwest Investment Group LP, represented by ARA Pacific. About 58 percent of the units in the acquired property have recently been renovated, and the buyer is holding approximately 20 units off the market pending further renovations.
Jupiter Investment Group, led by President and CEO Jonathan Lampitt, was founded in 1993 and is focused on the acquisition, rehabilitation and management of apartment communities. The company’s current holdings include nine properties in California and Arizona, including one in La Mesa, according to its website.
-- SDBJ Staff Report