Element 79 Adds to Oakmont Properties’ Expanding Portfolio of Western Assets

Element 79 is a newly constructed 214-unit class-A multifamily community in El Dorado Hills, CA. Oakmont Properties recently purchased the property located at 4373 Town Center Blvd. from AG Spanos for $85.6 million.

Marc Ross with CBRE multifamily properties group in Sacramento brokered the transaction on behalf of the seller. Andrew Behrens, Jesse Weber and Stephen Baird with CBRE debt and structured finance arranged financing on behalf of the buyer.

“Element 79 is one of the premier apartment properties in the region and an excellent addition to Oakmont Properties’ expanding portfolio of best-in-class assets in the Western U.S.,” said Ross. “The property experienced an outstanding lease-up performance, averaging 36 move-ins per month since July and was 94 percent leased at the time of sale. With projected rental growth of 15.8 percent by the end of 2021, bolstered by strong in-migration and other demand drivers, the Sacramento market continues to solidify its reputation as a highly desirable recession-resistant market.”

Oakmont continues to source and procure high-value assets in strategic markets across the west to add to its portfolio, says Behrens.

“Given the leasing trajectory, the location and quality, this will be another one of those assets that will continue to outperform the submarket for years to come,” he adds.