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11/08/17
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San Rafael-based Oakmont Properties has purchased The Landing at College Square, a 270-unit, Class A apartment community in Sacramento. The asset was sold by USA Properties Fund for $59 mil ($219k/unit).
Located at 7640 West Stockton Blvd, The Landing at College Square consists of well-designed one-, two- and three-bedroom units, with an average unit size of 932 sf. It was 96% occupied at time of sale.
Built in 2017, units boast high-end interior finishes, luxurious amenities such as 9-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. Community amenities include a sparkling pool and spa, a 24-hour luxurious fitness center with an outdoor yoga patio, community lounge, game room, pet washing station, fireside retreat, picnic and BBQ area, and more.
The Landing at College Square is centrally located with convenient access to highways 99 and I-5, offering direct access to Downtown Sacramento and the Bay Area. The property is surrounded by shopping, entertainment, and healthcare options, including the 1.3 msf Delta Shores retail center, which is currently under construction, as well as parks and schools, including Consumnes River Community College, which is located across the street. Additionally, the property is just a mile from the new light-rail station which offers residents access to Downtown Sacramento and Folsom.
CBRE’s Marc Ross and Bill Ayres represented the seller in the transaction.
“The interest in and success of newly developed apartment communities has been remarkable, both from a sales and leasing perspective,” said Ross. “With an average absorption rate of over 20 units per month, the property and sale benefited from a stellar lease-up performance and is just another example of why Sacramento continues to lead the nation in rent growth.”
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