Sacramento – December 19, 2022 – CBRE has arranged the $24.7 million sale of Sierra Park, a 104-unit townhome community in the North Highlands submarket of Sacramento.
Marc Ross with CBRE’s Sacramento Multifamily Investment Properties group represented the seller, Northern Calif.-based, OpenPath Investments, in the transaction. The property was purchased by San Francisco, Calif.-based private equity firm, Tesseract Capital Group.
Located at 4930 Polk Street, and built in 1970, Sierra Park features two-, three- and four-bedroom townhome units averaging 1,110 square feet. OpenPath invested extensive capital into upgrading the property including landscaping, fencing, repaved asphalt, resurfaced pool, and other exterior and community enhancements. Community amenities include a renovated clubhouse, a new fitness center, a swimming pool with deck seating, a playground, a billiards room, and a picnic area – all within a gated community.
The property is located minutes from Interstate 80 and Capital City Freeway’s interchanges providing connectivity to Downtown Sacramento and the Sacramento International Airport. Residents also have access to many employment hubs, retail options and entertainment amenities as the property is proximate to McClellan Industrial Park, Downtown CBD, the Golden 1 Center, Arden Fair Mall and more.
“With renters setting their sights on larger square footage, more affordable rent, and access to additional recreational spaces, Sacramento is seeing an influx of residents,” said CBRE’s Marc Ross. “Sierra Park is positioned to benefit from this trend and the significant capital recently invested into the property’s exterior and common area spaces, allowing Tesseract Capital Group to focus on renovation of the unit interiors.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.