SACRAMENTO—The moving trucks continue rolling into Sacramento and multifamily assets are reaping the benefits. The latest is the 293-unit Alira Luxury Apartments, which recently sold in the Natomas submarket for $92.3 million. Stockton-based multifamily development firm AG Spanos Companies sold the property to San Rafael-based real estate investment firm Oakmont Properties in an off-market transaction.
Sacramento is one of the markets continuing to experience apartment rent growth in the wake of COVID-19. The market has recorded increasing multifamily rents to slightly less than 4% in the last year, the sixth-highest US growth rate, according to a recent report from CBRE Econometric Advisors.
"Sacramento has long been a beneficiary of in-migration from people looking for a better lifestyle with more affordable for-sale and for-rent housing," Marc Ross, executive vice president with CBRE's Sacramento office, tells GlobeSt.com. "COVID-19 has accelerated that trend as many people can now work remotely. This population growth, combined with other factors, such as a limited supply pipeline, has fueled demand for rental housing and driven rent growth these past several months."
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Located at 4100 Innovator Dr., the newly constructed community features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The unit mix is comprised of studio, one-, two- and three-bedroom apartments.
Alira is within walking distance of the new Centene office campus, which will bring approximately 5,000 jobs to the Natomas submarket upon its completion. The property is within three miles of both Interstate 5 and Interstate 80, two major freeways that connect Natomas to the Sacramento metropolitan area as well as the Bay Area.
Ross brokered the sale. Andrew Behrens with CBRE capital markets' debt and structured finance group in San Francisco arranged financing on behalf of the buyer.
"Alira welcomed its first residents in May 2020 and experienced remarkable leasing velocity with the property recently surpassing 95% occupancy, signifying the demand for well-amenitized and luxury suburban living," said Ross.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
