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12/31/21
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Oakmont Properties purchased Element 79, a 214-unit multifamily community in El Dorado Hills, CA, for $85.6 mil ($400k/unit). The property, located at 4373 Town Center Blvd, was just recently completed by AG Spanos, the seller in this transaction.
Element 79 is a newly constructed, Class A apartment community located in Sacramento’s high-end submarket of El Dorado Hills. The property offers residents an urban lifestyle within a suburban setting and is situated within Town Center, El Dorado Hills' premiere retail center. Element 79 has an extensive amenity package and elevated finishes.
Marc Ross with CBRE Multifamily Properties group brokered the transaction on behalf of the seller. Andrew Behrens, Jesse Weber and Stephen Baird with CBRE Debt & Structured Finance arranged financing on behalf of the buyer.
“The property experienced an outstanding lease-up performance, averaging 36 move-ins per month since July and was 94% leased at the time of sale,” noted Ross. “With projected rental growth of 15.8% by the end of 2021, bolstered by strong in-migration and other demand drivers, the Sacramento market continues to solidify its reputation as a highly desirable, recession-resistant market.”
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