D&S Development constructs and sells award-winning 75-unit community
SACRAMENTO, Calif., – March 17, 2022 – Cushman & Wakefield announced the firm has represented D&S Development in the disposition sale of a newly developed 75-unit luxury multifamily community located at 1430 Q St in Sacramento, California. Built in 2020, the Midtown asset consists of a single 8-story building totaling ±95,461 square feet that includes ±8,744 sf of ground floor retail space.
The award-winning asset, which is one of, if not the, tallest light wood-frame buildings in the US, was approximately 99% occupied and sold for $57.1 million, equating to a price of approximately $761,333 per unit. The buyer was San Francisco-based Soma Capital.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented D&S Development, a Sacramento-based firm, in the transaction.
“Sacramento remains one of the nation’s fastest growing and top performing apartment markets and has flourished the past several years. This strong resident growth has fueled rent growth, while new construction has still remained constrained,” said Jason Parr, Executive Managing Director. “These fundamentals are driving investor interest, and according to our tracking, the sale of 1430 Q achieved a record price per unit in Sacramento.”
Parr continued, “Our team is proud to have represented D&S Development, one of Sacramento’s premier urban infill developers, in the sale of one of Sacramento’s highest quality multifamily buildings.”
“This is a cutting-edge urban infill multifamily community offering renters a very high quality of life in this sought-after Midtown Sacramento neighborhood while being a stable investment asset,” added Scott MacDonald, Managing Director. “The property features numerous desired common amenities as well as high quality elements inside the units. It is also very well positioned near major employment, shopping, dining, entertainment, and transportation services.”
1430 Q’s unit mix consists of 1 studio, 29 one-bedroom, 43 two-bedroom, and two 3-bedroom apartment units with washer/dryer, central heat/air, upscale design and construction, floor-to-ceiling windows, large closets, with some units also offering private patios/balconies.
MacDonald noted, “The property’s 1,156 SF average unit size is a differentiator, as is its parking ratio of 1.23 spaces per unit – due to construction costs associated with this style of project we do not anticipate anything like this being built in the foreseeable future.”
On-site amenities include a rooftop terrace with sweeping views of downtown Sacramento, a high-end fitness center and yoga room, courtyard with outdoor seating, garage parking, EV charging stations, bike storage, a pet spa, and more. The property is also walking distance to countless dining, retail, and entertainment options in Midtown, Downtown, and the R Street Corridor. It is also steps from light rail and near freeways.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services.