Multifamily Commands Highest Ever Price Per Unit in Region

EVIVA Midtown commanded record per-unit pricing when it was acquired for $53 million.

SACRAMENTO—The Sacramento Valley has led the nation in rent growth among the top 50 markets tracked by Axiometrics for 18 straight months and is ranked among the top US markets for projected rent growth during the next two years. As of July 2017, Sacramento’s year-over-year rent growth is 9.8% with an occupancy rate of 96.9%, according to Yardi Research.

With those types of rent stats, it is no surprise that a recent sale of EVIVA Midtown for $53 million commanded record per-unit pricing in the acquisition by Walnut Creek-based Sequoia Equities. At nearly $450,000 per unit, the property recorded the highest price per unit ever for a multifamily sale in the region, eclipsing the prior record by 45%.