EAH Housing plans new affordable housing project adjacent to light rail
SACRAMENTO, Calif., September 22, 2020– Cushman & Wakefield announced today the firm has brokered the sale of an urban infill, transit-oriented multifamily development site in the heart of the Broadway Corridor near downtown Sacramento, California. San Rafael-based EAH Housing acquired the approximately 1.27-acre site at 1901 Broadway from Sutter Capital Group. EAH plans to develop a new 140-unit affordable housing project in two buildings on the site after receiving design review approval from the city in August.
Currently housing a 28,415-square-foot vacant office building, the property sold for $5.6 million, equating to a price of $40,000 per multifamily unit based on EAH’s development plans. Jason Parr and Scott MacDonald with Cushman & Wakefield’s Northern California Multifamily Advisory Group represented the seller in the transaction.
1901 Broadway represents a premier light rail adjacent multifamily development site in Sacramento’s urban core,” said Jason Parr, Executive Director. “The property’s location in the heart of the Broadway Corridor and adjacent to the thriving Midtown and Downtown submarkets provides future residents instant access to the live-work-play offerings that have transformed Sacramento into California’s fastest growing major city.”
EAH’s approved plans will consist of 140 studio, one-, two- and three-bedroom apartment units. The project would be a permanently affordable development, accommodating a tier of renters earning in the range of 30% to 80% of the area’s average median income. Reportedly, EAH is working on raising funds for the new development, and that construction could potentially begin in late 2021.
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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 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.