The Grupe Company Acquires parcels to Develop 20PQR and Q19, two projects in Midtown Sacramento
STOCKTON, CA — The Grupe Company and its partners, SKK Developments, McKinley Partners, and Guardian Capital have acquired two separate parcels located in the 19th, 20th, P, Q, & R streets to develop a “for sale” and “for rent” project in the heart of Midtown Sacramento in the second half of 2016. The total value of the combined development is approximately $33,000,000.
“The purchase and development of these two projects represent our business philosophy of building urban projects where generations like to work, live and play”, Mark Fischer president of Grupe Company, “by teaming up with our partners, SKK, McKinley Partners, Guardian Capital, and Bank of the West, collectively with more than 100 years of experience, in depth knowledge and history of building and financing of urban development add tremendous value to the success of the development. “
20PQR, a 32 unit “for sale” three story single family townhomes located on 20th, P, Q & R streets; land development started in October 2016, sales will start in Spring of 2017. The starting price is in mid $600s.
A second project, Q19, is a four story 68 unit “for rent” mixed-use retail and apartment located on 19th and Q streets; Land development started in January 2017 and leasing will start in Spring of 2018. The project consists of a ground floor 1,996 SF retail unit and a mixes of studio, one bedroom, one bath and two bedroom two baths with an average of 624 SF per unit.
Midtown Sacramento is considered as the thriving dynamic place to work, eat and play. It is largely comprised of hip bars, restaurants, and cultural activities that attract thousands of residents as a place for great food and entertainment.
The projects are within walking distance to several notable major developments in Downtown and Midtown Sacramento. They are across the street from the headquarters of Sacramento Bee and The McClatchy Company, one (1) block from a Safeway anchored shopping center, one (1) block from Truitt dog park expected to be completed in 2017, one (1) block from the Press Building, a 253 unit apartment development built on the Sacramento Bee site, expected to start construction in late 2017, two (2) blocks from a light rail train station, two (2) blocks from the Ice Block, a mixed use development consisting of 60,000 SF retail, a 50,000 SF office and 150 apartment units expected to start construction in early 2017, 1.5 miles from the new Sacramento Kings Basketball Arena which opened in October, two (2) miles from the proposed Kaiser Permanente Hospital in the Railyards and eight (8) blocks from the just completed $850 million expansion of the Sutter Medical Center.
For more information about the projects: