CBRE Sells 270-Unit Sacramento Multifamily for $65M
CBRE has completed the $64.75-million sale of Landing at College Square, a 270-unit multifamily property, to San Diego-based MG Properties Group. Located at 7640 West Stockton Way in Sacramento, the Class-A property was built in 2017 at a strategic location adjacent to the city of Elk Grove in close proximity to high-profile tech and healthcare employers.
CBRE’s Marc Ross represented the seller, San Rafael, CA-based Oakmont Properties.
As part of the transaction, CBRE’s Brian Eisendrath and Cameron Chalfant facilitated MG’s assumption of the property’s existing Freddie Mac loan.
According to CBRE’s U.S. Multifamily Figures Q4 2019 report, Sacramento reported one of the nation’s highest gains in multifamily rent growth with 4.8% annual growth year-over-year.
In a statement, CBRE’s Ross noted “Landing at College Square offers MG Properties a suburban newer construction opportunity located near major employers and multiple transit options at pricing below replacement costs.”
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