Intercontinental Enters Sacramento Market with Broadleaf Buy

Intercontinental Real Estate Corporation in joint venture with Security Properties recently acquired Broadleaf Apartments, a 244-unit class-B garden-style apartment community located in the Pocket neighborhood of Sacramento. The off-market $87.5 million transaction represents a recapitalization of the 11-acre gated community which was originally acquired in 2019 by Seattle-based Security Properties, which will continue as operating partner in the new joint venture with Intercontinental.

Broadleaf represents the firm’s entry into the Sacramento market, according to Jessica Levin, senior director, acquisitions with Intercontinental. 

“Sacramento has been the beneficiary of renter migration from the more expensive Bay Area markets and while new more expensive product is being delivered to the market, it is not keeping up with demand,” said Levin.  

Constructed in 2006, Broadleaf’s one- and two-bedroom apartment homes are housed in 11 two- and three-story residential buildings. Units range from 790 to 1,240 square feet with an average size of 1,041 square feet. The property was 96 percent leased at the time of closing.