CBRE Arranges $25M Sale of Sacramento Multifamily Property
San Francisco-based Tesseract Capital Group has purchased Sierra Park, a 104-unit townhome community in the North Highlands submarket of Sacramento, CA. CBRE’s Marc Ross represented the seller, OpenPath Investments in the $24.7 million transaction.
Located at 4930 Polk St., Sierra Park features two-, three- and four-bedroom townhomes averaging 1,100 square feet. Community amenities include a renovated clubhouse, a new fitness center, swimming pool, playground and billiards room. OpenPath also invested in upgrades to the landscaping, fencing and interior and exterior enhancements.
“With renters setting their sights on larger square footage, more affordable rent and access to additional recreational spaces, Sacramento is seeing an influx of residents,” said Ross in a news release. “Sierra Park is positioned to benefit from this trend and the significant capital recently invested into the property’s exterior and common area spaces, allowing Tesseract to focus on renovation of the unit interiors.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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