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4/20/18
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Demmon Partners has acquired 16 Powerhouse, a 50-unit, Class A multifamily property in downtown Sacramento. Although we don’t have the actual purchase price, we can tell you that the buy was funded with $15.92 mil in Fannie Mae financing.
16 Powerhouse is a five-story, mid-rise community with one- and two- bedroom apartment homes, each furnished with the latest amenities and finishes. The ground floor features three street-facing restaurants, which add to the property’s vibrant atmosphere. Located at the core of mid-town Sacramento, the neighborhood is pedestrian-friendly and very walkable.
Demmon Partners purchased the property as part of a long-term Northern California portfolio strategy. The firm is focused on the Sacramento market, which has a professional and well-educated workforce as well as excellent projected investment potential.
“We feel Sacramento's fundamentals remain healthy as its job growth has been largely outpacing the national average in the past five or more years. In addition, we observe household growth as far outpacing the minimal new apartment supply locally. This has kept vacancies well below the area’s historical average, and I think it will last into the foreseeable future,” said Walker & Dunlop’s Brian Kaufman.
Charlie Demmon, Partner at Demmon Partners, added, “Demand drivers are key to our investment strategies, which made 16 Powerhouse seem like a natural fit for us.”
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