There is excitement surrounding the release and we have already seen great demand. Our rent premiums have steadily increased throughout the construction process and we expect to generate even larger returns now that construction is completed.
Sacramento, CA (PRWEB) September 1, 2009
Sequoia Equities, Inc. today announced the completion of a new resort-style amenity center, located at The Palms Apartments in Sacramento, California.
After nearly two years and $2.5M of planning and construction, the new centerpiece at The Palms is a 10,000 square foot amenity center with expansive pool area, two-story rock waterfalls, media lounge, bi-level fitness club, sport lockers and tanning, full-service tech center, demonstration kitchen, and wi-fi bistro serving complimentary coffee and baked goods daily.
Sequoia Equities' Senior Vice President, Bill Brooks says, "We saw potential to respond to the needs of a growing market that exists in Sacramento. There is a newly, emerging demographic of highly qualified individuals who rent as a lifestyle choice, not out of necessity. The investment in our amenity center is a reflection of our desire to meet their needs".
This type of investment is rare among multi-family investor groups in the Sacramento Area, but Brooks contends, "There is excitement surrounding the release and we have already seen great demand. Our rent premiums have steadily increased throughout the construction process and we expect to generate even larger returns now that construction is completed."
The construction of this $2.5M project was funded through a joint venture with a pension fund client. Sequoia Equities will continue to assume day-to-day operational management of the property.
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