Sacramento, CA – May 31, 2016 – CBRE Capital Markets announced the recent sale of LeSarra Apartments, a Class A multifamily community located in El Dorado Hills, California. Ridge Capital Investors sold the 105-unit property for $28.5 million, or $271,429 per unit, to Oakmont Properties. CBRE’s Sacramento multifamily team, led by Marc Ross, represented the buyer in an off-market transaction. This marks the ninth property Oakmont has purchased during the past two years, making them one of the most active multifamily buyers in the western United States.
Located 25 miles from downtown Sacramento, LeSarra is a five-star community offering premium features in every unit, including gourmet kitchens with brushed nickel hardware and granite countertops; stainless steel appliances, a private patio/balcony, walk-in closets, full size washer/dryers, and private garages. Additionally, residents are given access to a number of resort-style community amenities, such as a clubhouse, pool and spa, barbeque area, playground, and state-of-the-art fitness center. The convenience of the property’s location—a short walk to the regional retail core and a quick drive downtown via Highway 50—makes LeSarra an attractive option for regional residents seeking the comforts of a high-end suburban lifestyle. The property is fully stabilized with a steady income stream, making it also an attractive investment choice.
“CBRE achieved an excellent result finding this unique property for us”, said Ron Ashley, CEO of Oakmont Properties. “Oakmont’s strategy is to find properties offering tenants luxury amenities at attractive prices.”
Sacramento has been a high performer nationally over the past few years. As of the first quarter of 2016, the area edged out Portland as the metro region with the highest annual effective rent growth, according to Axiometrics, Additionally, El Dorado Hills, the most affluent area in the Sacramento market, has high barriers to entry, as increasing construction costs and limited land options make development more cost prohibitive. Built in 2013, LeSarra is the newest multifamily development in El Dorado Hills, and one of only three in the area.
“This has been an impressive market and shows no signs of slowing down,” said Mr. Ross, Senior Vice President of the CBRE Sacramento multifamily team. “Our outstanding rental fundamentals have fueled a sharp increase in investor demand, particularly for the highest quality properties like Lesarra.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.