SACRAMENTO â The Press at Midtown Quarter is a 277 unit Class A multi-family building located in Midtown. Its recent sale for $ 118 million marks the largest single-asset apartment business at market rate in Sacramento’s history in terms of deal size.
Marc Ross of CBRE negotiated the sale between the seller, DeBartolo Development of Tampa, FL, and his local partner SKK Developments, and the San Rafael buyer, Oakmont Properties. Andrew Behrens of CBRE’s Debt and Structured Finance group organized the financing.
âThe Press at Midtown Quarter is the finest and most complete apartment property in downtown Sacramento. This is a natural addition to Oakmont’s portfolio of prime assets in the western US, âsaid Ross.
As commercial real estate investment activity slowed in the wake of COVID-19, the multi-family sector captured the highest share of total investment in the second quarter of 2020 with $ 12.9 billion of sales volume in the United States, according to a CBRE study.
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Completed in June 2020, the Press at Midtown Quarter is the largest new construction in the urban core of Sacramento and has 8,600 square feet of retail on the ground floor. The property has a split-level coworking space, fitness center and yoga studio, rooftop lounge, animal spa and relaxation area. racing, a bike lounge with repair and washing stations, a car wash and car charging stations. Additionally, the property has 1 acre of outdoor community space with a heated swimming pool, community garden, bocce court, outdoor kitchens, and fire tables with lounge seating.
âAmid the explosion of housing options in the urban core of Sacramento, the press is the jewel in the crown,â Ross told GlobeSt.com. âThis is the only project to offer luxury units ranging from 400 square foot micro units to spacious 1,300 square foot three bedroom units as well as top notch community amenities. Markets like San Francisco and Los Angeles offer similar types of assets, but before the press, Sacramento had no such thing. This project reinforces the fact that our multi-family market is taking it to the next level, despite the challenges of COVID-19. “
The Press at Midtown Quarter is located near the intersection of Q and 19th Streets with over 120 restaurants and bars, over 20 cafes and five major grocery stores within a one mile radius.
âOakmont continues to identify and purchase best-in-class assets at high barriers to enter Western markets while growing its portfolio,â Behrens told GlobeSt.com.