(EDITOR’S NOTE: The price per-unit was just under $240,000.)
SACRAMENTO, Calif. – March 12, 2020 – CBRE announced today the $64.75 million sale of Landing at College Square, a 270-unit multifamily property located at 7640 West Stockton Way in Sacramento, Calif. Marc Ross of CBRE’s Sacramento office represented the seller, Oakmont Properties from San Rafael, Calif. MG Properties from San Diego purchased the property in a sale that closed Feb. 27.
“Landing at College Square offers MG Properties a suburban newer construction opportunity located near major employers and multiple transit options at pricing below replacement costs,” stated Marc Ross, Executive Vice President, CBRE.
The Class-A property, built in 2017, is located adjacent to the city of Elk Grove and sits within six miles of a high-profile tech company as well as a few miles away from a handful of prominent healthcare employers. Landing at College Square is close to I-99, I-5, I-80 and Highway 50, with regional transit located a half mile away.
Brian Eisendrath and Cameron Chalfant of CBRE’s West LA office coordinated MG Properties Group’s assumption of the existing Freddie Mac loan.
According to CBRE’s U.S. Multifamily Figures Q4 2019 report, Sacramento reported one of the nation’s highest gains in multifamily rent growth with 4.8% annual growth year-over-year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.