Sacramento MF Trades for $59M
CBRE Capital Markets arranged the $59 million sale of The Landing at College Square, a 270-unit, Class A apartment community in Sacramento. The buyer was San Rafael-based Oakmont Properties, and the seller was USA Properties Fund.
CBRE’s Marc Ross and Bill Ayres arranged the sale on behalf of the seller.
“The interest in and success of newly developed apartment communities has been remarkable, both from a sales and leasing perspective,” said Ross, who notes the property achieved an average absorption rate of over 20 units per month.
Located at 7640 West Stockton Blvd., the 96%-occupied property consists of one, two and three-bedroom apartments. Built in 2017, units boast high-end interior finishes and amenities such as nine-foot ceilings, stainless-steel appliances, quartz counter-tops, fully-equipped gourmet kitchens, full-sized washers and dryers, walk-in closets, oversized soaking tubs and personal balconies.
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