Trion Plans Renewal for Carmichael’s ReNew After $46M Buy

ReNew Carmichael, a 197-unit apartment community located in Carmichael, recently sold in an off-market transaction, according to Cushman & Wakefield. Trion Properties, a private equity real estate firm headquartered in West Hollywood and Miami, acquired the property from FPA Multifamily for $46 million or approximately $233,500 per unit.

Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech with Cushman & Wakefield represented the seller in the transaction.

“ReNew Carmichael is a quality multifamily investment well-positioned in suburban Sacramento, with convenient access to employment, freeways, amenities and downtown,” said Parr. “Multifamily property in Sacramento has remained a desirable asset class due to the explosive growth and migration the region has seen over these past several years and expected ahead. Additionally, Carmichael has seen solid rent growth which is expected to continue for at least several more years alongside exceptional occupancy levels.”

ReNew Carmichael consists of 46 percent one-bedroom and 54 percent two-bedroom units. Originally developed in the early 1970s, 131 of the total 197 units in the complex are unrenovated, but in buyer renovation plans. FPA purchased the property in May 2019 for $24.25 million and during its ownership, made significant renovations to the remaining 66 units as well as property exteriors, commons areas and clubhouse.

Located at 6930 Fair Oaks Blvd. across the street from Carmichael Park, the property is just a short drive to American River College, Sacramento State University and downtown Sacramento.