CBRE announced the sale and financing of The Press at Midtown Quarter, a 277-unit Class A multifamily property located in Midtown Sacramento, Calif. CBRE’s Marc Ross brokered the sale between the seller, DeBartolo Development from Tampa, Fla., and their local partner SKK Developments, and the buyer, Oakmont Properties from San Rafael, Cali. At $118 million, the sale marks the largest single-asset, market-rate apartment trade in Sacramento history in terms of deal size. 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 U.S.,”stated Marc Ross, Executive Vice President, CBRE.
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 Q2 2020 with $12.9 billion in sales volume across the U.S., according to CBRE research.
“Oakmont continues to identify and purchase best-in-class assets, in high barrier-to-enter markets, throughout the west, as they grow their portfolio," said Andrew Behrens, Vice Chairman, CBRE.
Completed in June 2020, The Press at Midtown Quarter is the largest new construction in Sacramento’s urban core and has8,600 sq. ft. of ground-floor retail. The property offers best in class amenities such asa two-level co-working space, state-of-the-art 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 hasone acre of outdoor community space with a heated resort-style pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.
The Press at Midtown Quarter is located near the intersection of Q Street and 19th Street with over 120 restaurant and bar options, more than 20 coffee shops and five large grocery stores within a one-mile radius.
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 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
