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SACRAMENTO NEWS
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Sacramento Multifamily Sales Comp Comes in at $72k/Unit

8/27/14

Savannah Court Apartments, a Class B multifamily community located in Sacramento, sold for $14.025 mil, or nearly $72k/unit, in a deal from a month or so ago. The 195-unit, garden-style community was purchased by SoCal-based CIP Savannah LLP.

Built in 1986, Savannah Court Apartments offers one- and two-bedroom floor plans. The apartment homes provide high-level amenities such as in-unit washer/dryers, central heat & air, balconies/patios, walk-in closets, and gas fireplaces (select units).

The property features a clubhouse, swimming pool, spa, fitness center, covered parking and tennis court. Savannah Court is located adjacent to a grocery-anchored shopping center and less than four miles from the Natomas Marketplace, a regional power center that houses more than 35 stores, restaurants and specialty merchants.

The seller, Investors Management Group, was repped by CBRE Sacramento’s Multifamily Group, led by Marc Ross and William Blucher.

“With annual job growth in the Sacramento region now exceeding the statewide and national averages, and on par with the San Francisco Bay Area for the first time since the summer of 2006, the Sacramento apartment market is poised to benefit tremendously as the economy continues to gain momentum,” said Ross, who directs the Sacramento Multifamily Group at CBRE. “As capital increasingly shifts focus towards top secondary markets like Sacramento in search of higher yields, the growing demand for product in our market continues to push pricing.”





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