|
|
3/18/22
|
San Francisco-based Soma Capital purchased a newly developed 75-unit luxury multifamily community in Sacramento for $57.1 mil ($761.3k/unit). Built in 2020, the Midtown asset is located at 1430 Q St.
The award-winning asset consists of a single eight-story, 95.5k sf building that includes 8.7k sf of ground floor retail space. It is one of, if not the, tallest light wood-frame buildings in the US. The property was approximately 99% occupied at time of sale.
1430 Q’s unit mix consists of one studio, 29 one-bedroom, 43 two-bedroom, and two three-bedroom apartment units with washer/dryer, central heat/air, upscale design and construction, floor-to-ceiling windows, large closets, with some units also offering private patios/balconies.
On-site amenities include a rooftop terrace with sweeping views of downtown Sacramento, a high-end fitness center and yoga room, courtyard with outdoor seating, garage parking, EV charging stations, bike storage, a pet spa, and more. The property is also walking distance to countless dining, retail, and entertainment options in Midtown, Downtown, and the R Street Corridor. It is also steps from light rail and near freeways.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller, D&S Development, a Sacramento-based firm, in the transaction.
“Sacramento remains one of the nation’s fastest growing and top performing apartment markets and has flourished the past several years. This strong resident growth has fueled rent growth, while new construction has still remained constrained,” said Parr. “These fundamentals are driving investor interest, and according to our tracking, the sale of 1430 Q achieved a record price per unit in Sacramento.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
