CBRE announces the sale of a 0.802-acre development opportunity steps from Sacramento State University. The land site, situated approximately 300 feet from the Hornet Crossing entrance to campus, is zoned for residential mixed used. Philadelphia-based GMH Capital Partners purchased the land from Tricap Development and will begin construction soon on a student housing development.
CBRE National Student Housing's Jaclyn Fitts, William Vonderfecht and Casey Schaefer and CBRE Sacramento Multifamily’s Marc Ross arranged the transaction on behalf of Tricap.
Current zoning allows for up to 150 units per acre and a height up to seven stories. This would be the closest purpose-built, off-campus housing community to Sacramento State.
“This site is both rare and unique in that it is located 300 feet from Sacramento State,” said Jaclyn Fitts, Director of National Student Housing. “Additionally, Sacramento State has averaged a nearly two percent annual enrollment growth since 2011, which is promising to GMH for the future development of the site.”
Located at 1325 and 1327 65th Street, the land site is steps from popular retail including Starbucks, Jamba Juice, Pita Pit, Hoppy Brewing Company and Dos Coyotes Border Café. Additionally, the property is situated near Folsom Boulevard, Lincoln Highway and the University/65th Street SacRT Light Rail station.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
