Upgraded Sacramento Multifamily Fetches $119M

Beverly Hills, CA-based KF Properties has purchased The Eleven Hundred, a 565-unit, 45-building multifamily community in the Arden-Arcade submarket of Sacramento, CA. CBRE represented the seller, OpenPath Investments in the $119 million transaction.

Located on Howe Avenue, the Eleven Hundred features studio, one-, two-, three- and four-bedroom units averaging 775 square feet. OpenPath recently upgraded the exterior with new paint and sidings, performed a complete electric overhaul and renovated the tennis courts, pool bathrooms and clubhouse. The property also features a fitness room, hot tub, playground and grilling area.

“The Eleven Hundred has the most expansive amenity set in the area and offers the buyer a unique opportunity to implement a full unit renovation. KF Properties has a stellar track record with large scale renovations and I’m excited to see how they reposition the asset,” said Marc Ross with CBRE’s Sacramento Multifamily Investment Properties group.