SACRAMENTO—The Press at Midtown Quarter is a 277-unit class-A multifamily property located in Midtown. Its recent sale at $118 million marks the largest single-asset market-rate apartment trade in Sacramento history in terms of deal size.
CBRE’s Marc Ross brokered the sale between the seller, DeBartolo Development from Tampa, FL, and its local partner SKK Developments, and the San Rafael buyer, Oakmont Properties. Andrew Behrens with CBRE’s debt and structured finance group arranged the financing.
“The Press at Midtown Quarter is the finest and most complete apartment property in Sacramento’s urban core. It serves as a natural addition to Oakmont’s portfolio of best-of-class assets in the Western US,” says Ross.
While commercial real estate investment activity has slowed in the wake of COVID-19, the multifamily sector captured the highest share of total investment in second quarter 2020 with $12.9 billion in US sales volume, according to CBRE research.
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Completed in June 2020, the Press at Midtown Quarter is the largest new construction in Sacramento’s urban core and has 8,600 square feet of ground-floor retail. The property has a two-level co-working space, fitness center and yoga studio, rooftop lounge, pet spa and run area, bike lounge with repair and wash stations, car wash and car charging stations. Additionally, the property has 1 acre of outdoor community space with a heated pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.
“Amid the explosion of housing options in Sacramento’s urban core, the Press is the crown jewel,” Ross tells GlobeSt.com. “It is the only project offering luxury units ranging from 400-square-foot micro-units to spacious 1,300-square-foot three-bedroom units as well as best-of-class community amenities. Markets like San Francisco and Los Angeles offer similar asset types, but before the Press, Sacramento had nothing like it. This project solidifies that our multifamily market is maturing to the next level, despite the challenges of COVID-19.”
The Press at Midtown Quarter is located near the intersection of Q and 19th streets with more than 120 restaurant and bar options, more than 20 coffee shops and five large grocery stores within a 1-mile radius.
“Oakmont continues to identify and purchase best-in-class assets in high barrier to enter markets throughout the West as they grow their portfolio,” Behrens tells GlobeSt.com.