Sacramento – CBRE announced the sale of The Retro, a 204-unit multifamily community located at 2500 Fair Oaks Blvd in Sacramento’s Arcade-Arcade submarket. Clear Capital purchased the asset from Ridge Capital Investors for $48 million.
Marc Ross with CBRE Multifamily Properties group in Sacramento brokered the transaction on behalf of the seller.
The Retro is one of the most walkable suburban properties in the Sacramento MSA. The property is located less than a mile from four major shopping centers with a crosswalk leading directly to two directly across the street – Loehmann’s Plaza and The Pavilions.
The Retro recently underwent extensive capital improvements and property renovations, including a new façade to the front of the property, repurposing existing spaces into a new clubhouse and fitness center, landscaping and courtyard upgrades.
“The Retro has proven itself as a bulletproof asset, maintaining strong occupancy throughout the pandemic,” said Marc Ross, Executive Vice President with CBRE. “The premier location combined with Sacramento’s strong multifamily market fundamentals ensures the property will continue to be a star performer for Clear Capital.”
Sacramento continues to be one of the few outlier performers despite the ongoing COVID-19 pandemic. Sacramento’s rents rose 15.4% YOY, exceeding the 13.7% U.S. average and the market’s occupancy rates in stabilized properties was higher than it has ever been, clocking in at 97.3% in September 2021 per YardiMatrix.
About CBRE Group, Inc.
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.