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September 26, 2023
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Sacramento-Area, Institutional-Quality Res Community Expected to Fetch Near $105 Mil


A recently developed suburban apartment complex is being marketed for sale in Roseville, a high-growth submarket within Sacramento — one of the best performing metros nationwide for multifamily sector growth.

The institutional-quality community, Harvest at Fiddyment Ranch, is located at 1900 Blue Oaks Boulevard, within the Fiddyment Ranch master-planned community. The property includes 300 luxury units and is expected to attract bids of $105 mil, or around $350k per unit.

The Class A property is currently 96% occupied and 97% leased. Its one- to three-bedroom units range from 771 sf to 1.3k sf and include stainless-steel appliances, quartz countertops, vinyl-plank flooring and in-unit washer/dryers. Amenities include a modern clubhouse and game room, state-of-the-art fitness center, a heated pool and spa, top-of-the-line gas grills with comfortable outdoor seating, dog park, playground and direct access to the Pleasant Grove Creek Trail. About 20% of the units have direct-access garages.

Harvest at Fiddyment Ranch is proximate to Roseville's two top employers—Kaiser Permanente and Sutter Roseville—as well as the region’s prominent high-tech employers including Cokeva Inc, DXC Technology, and Quest Technology Management. Penumbra recently signed a lease and is expected to generate 1,200 jobs at its campus just two miles from the property. The Sacramento Central Business District is some 20 miles southwest.

CBRE’s Marc Ross is representing the seller, USA Properties Fund Inc of Roseville. USA Properties developed the property in 2020.

“Roseville has benefited as a premier destination for suburban outflow from the Bay Area,” said Ross. “Harvest at Fiddyment Ranch experienced extraordinary lease-up velocity during the pandemic and despite restricted resident access to amenities.”

Average in-place rent at the property is about $1.99 per square foot.

“Asking rents are approximately $0.10-$0.30 per square foot higher at competitive properties with greater access to retail amenities, schools and entertainment destinations. This suggests that with the completion of the Raley’s-anchored shopping center development next door, and further maturation of the property’s micro location, the Harvest at Fiddyment Ranch is poised to capitalize on this ‘infill premium’ and experience significant near-term rental growth,” added Ross.

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