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12/20/21
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Trion Properties purchased ReNew Carmichael, a 197-unit apartment community located in the Sacramento-area city of Carmichael, for $46 mil in an off-market transaction. The property was sold by FPA Multifamily in a deal that works out to $233.5k per unit.
ReNew Carmichael consists of 46% one-bedroom and 54% two-bedroom units. Originally developed in the early 1970s, 131 of the units in the complex are in classic condition, which are expected to be renovated by the buyer.
FPA had purchased the property in May 2019 for $24.25 mil and during its ownership had made significant renovations to the remaining 66 units as well as property exteriors, commons areas, and clubhouse. Community amenities also include two pools and a community fitness center.
Located at 6930 Fair Oaks Blvd, across the street from Carmichael Park, the property is just a short drive from the area’s major freeways, American River College and Sacramento State University. It is also close to downtown Sacramento and many retail, shopping, dining and entertainment amenities.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
“ReNew Carmichael is a quality multifamily investment well positioned in suburban Sacramento, with convenient access to employment, freeways, amenities and downtown,” said Parr. “Multifamily property in Sacramento has remained a desirable asset class due to the explosive growth and migration the region has seen over these past several years and expected ahead. Additionally, Carmichael has seen solid rent growth which is expected to continue for at least several more years alongside exceptional occupancy levels.”
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