Trion Buys 197-unit Multifamily Property for $46MM in Sacramento Metro
SACRAMENTO, Calif., – December 15, 2021 – Cushman & Wakefield announced today the firm has brokered the off-market sale of ReNew Carmichael, a 197-unit apartment community located in the city of Carmichael (Sacramento), California. Trion Properties, a private equity real estate firm headquartered in West Hollywood, California, and Miami, Florida, acquired the property from FPA Multifamily for $46 million or approximately $233,500 per unit.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
“ReNew Carmichael is a quality multifamily investment well positioned in suburban Sacramento, with convenient access to employment, freeways, amenities and downtown,” said Jason Parr, Executive Director. “Multifamily property in Sacramento has remained a desirable asset class due to the explosive growth and migration the region has seen over these past several years and expected ahead. Additionally, Carmichael has seen solid rent growth which is expected to continue for at least several more years alongside exceptional occupancy levels.”
ReNew Carmichael consists of 46% 1-bedroom and 54% 2-bedroom units. Originally developed in the early 1970s, 131 of the total 197 units in the complex are in classic condition, which are planned to be renovated by the buyer. FPA had purchased the property in May 2019 for $24.25 million and during its ownership had made significant renovations to the remaining 66 units as well as property exteriors, commons areas, and clubhouse. Community amenities also include two pools and a community fitness center.
Located at 6930 Fair Oaks Blvd across the street from Carmichael Park, the property is just a short drive from the area’s major freeways, American River College and Sacramento State University. It is also close to downtown Sacramento and many retail, shopping, dining and entertainment amenities.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.