Oakmont Properties Sells 339-Unit Sacramento Multifamily Community for $85.1MM

Oakmont Properties, Sacramento, CBRE, Kidder Mathews, The Fountains at Point West
Image Courtesy of The Fountains at Point West

By Meghan Hall

A large multifamily transaction has closed in Sacramento, giving credence to the stability of the asset class under COVID-19. According to public documents and a statement issued by San Rafael, Calif.-based Oakmont Properties, The Fountains at Point West have sold for $85.1 million, or about $251,000 per unit. The buyer was Salt Lake City, Utah-based Bridge Investment Group.

Marc Ross of CBRE represented Oakmont in the transaction, which closed at the end of May.

The complex was originally constructed in 1974 and includes 339 units. Residences are a mix of studio, one-, two- and three-bedroom floor plans. Common amenities include a 12,000 square foot club house, theater, fitness center, three pools and spas, sports courts and access to waterways. 

Oakmont recently renovated the exterior of the property. Improvements included new roofing and siding, the replacement of balconies and stair towers, dual pain windows and an upgraded fitness center and clubhouse. 

Located at 1761 Heritage Lane, the property is within minutes of Raging Waters amusement park, the American River and Sutter’s Landing Regional Park. Numerous eateries, including Black Bear Diner, Starbucks and Applebee’s are also nearby.

Prior to COVID-19, multifamily properties were selling for between $179,000 and $236,000 per unit, according to a report by Kidder Mathews. The average sales price per unit at the end of the year came to $153,001, and rents sat at about $1,310 per month. The data, released at the end of 2019 and the most recent available, indicates that thus far, multifamily properties in Sacramento are holding value. Other recent transactions include the sale of the 440-unit Miramonte and Trovas complex, which traded to Jackson Square Properties for $104 million, and the Shore Park Apartments, sold by Kennedy Wilson to Sequoia Equities for $97.2 million.

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