(EDITOR’S NOTE: The property sold for $400,000 per unit.)
Sacramento – Dec. 29, 2021 – CBRE announced the sale and financing of Element 79, a 214-unit multifamily community in El Dorado Hills, California. The property is located at 4373 Town Center Blvd. Oakmont Properties purchased the property from AG Spanos for $85.6 million.
Marc Ross with CBRE Multifamily Properties group in Sacramento brokered the transaction on behalf of the seller. Andrew Behrens, Jesse Weber and Stephen Baird with CBRE Debt & Structured Finance arranged financing on behalf of the buyer.
“Element 79 is one of the premiere apartment properties in the region and an excellent addition to Oakmont Properties’ expanding portfolio of best-in-class assets in the Western U.S.,” said Mr. Ross, Executive Vice President with CBRE. “The property experienced an outstanding lease-up performance, averaging 36 move-ins per month since July and was 94% leased at the time of sale. With projected rental growth of 15.8% by the end of 2021, bolstered by strong in-migration and other demand drivers, the Sacramento market continues to solidify its reputation as a highly desirable, recession-resistant market.”
“Oakmont continues to source and procure high value assets in strategic markets across the west to add to their portfolio. Given the leasing trajectory, the location and quality, this will be another one of those assets that will continue to outperform the submarket for years to come” adds Behrens, Vice Chairman.
Element 79 is a newly constructed, Class A apartment community located in Sacramento’s high-end submarket of El Dorado Hills. The property offers residents an urban lifestyle within a suburban setting and is situated within Town Center, El Dorado Hills’ premiere retail center. Element 79 has an extensive amenity package and elevated finishes.
Element 79 was developed by AG Spanos and received final certificates of occupancy in October 2021.
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.