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October 27, 2020
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Oakmont Properties Wraps Up $118 Mil Multifamily Buy in Sacramento

10/02/20

San Rafael-based Oakmont Properties recently closed on the purchase of The Press at Midtown Quarter, a 277-unit, Class A multifamily property located in Midtown Sacramento, in a transaction valued at $118 mil ($426k/unit). We’re told that the sale marks the largest single-asset, market-rate apartment trade in Sacramento history, in terms of deal size.

Completed in June 2020, The Press at Midtown Quarter is the largest new construction in Sacramento’s urban core and includes 8.6k sf of ground-floor retail. The property offers best in class amenities such as a two-level co-working space, state-of-the-art fitness center and yoga studio, rooftop lounge, pet spa and run area, bike lounge with repair and wash stations, car wash and car charging stations. Additionally, the property has one acre of outdoor community space with a heated resort-style pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.

The Press at Midtown Quarter is located near the intersection of Q Street and 19th Street with over 120 restaurant and bar options, more than 20 coffee shops and five large grocery stores within a one-mile radius.

CBRE’s Marc Ross represented the property seller, DeBartolo Development, out of Tampa, FL, and their local partner, SKK Developments. Andrew Behrens with CBRE’s Debt and Structured Finance group arranged the financing.

While commercial real estate investment activity has slowed in the wake of COVID-19, the multifamily sector captured the highest share of total investment in Q2 2020 with $12.9 bil in sales volume across the U.S., according to CBRE research.





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