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5/21/26
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Oakmont Properties has acquired 16 Powerhouse, a 73-unit multifamily community in Sacramento, in a $34.5 mil transaction. The deal works out to $472.6k per unit, in what we’re told is the highest price-per-unit sale in the Sacramento area in four years.
Located at 1606 P St in Sacramento, the six-story building is made up of one- and two-bedroom floor plans and ground-floor retail tenants including Orchid Thai, Magpie and Temple Coffee. 16 Powerhouse was built in 2015, with an addition completed in 2024 by previous ownership. The addition included adding 23 units, a luxury clubhouse and lounge, spa deck, outdoor lounge, rooftop deck and outdoor kitchen.
CBRE’s Marc Ross, Joe McNamara and Clarie Holt represented the seller, Demmon Partners, in the transaction. Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt and Structured Finance team in San Francisco secured the acquisition loan on behalf of the buyer.
“16 Powerhouse is among the most competitive multifamily assets in the Sacramento market,” said Ross. “Its central location paired with Demmon Partners’ expansive renovations position the property well for long-term performance under new ownership.”
The transaction comes as multifamily fundamentals improve nationally. The overall U.S. multifamily vacancy rate fell to 4.8% in Q1 2026 as net absorption outpaced construction, according to CBRE.
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