Sacramento Multifamily Sale Achieves Market’s Highest Price Per Unit in Four Years
CBRE facilitated the $34.5-million sale and acquisition financing for 16 Powerhouse, a 73-unit multifamily community in Sacramento, to Oakmont Properties. According to CBRE, this was the highest price-per-unit sale in the Sacramento area in four years.
Marc Ross, Joe McNamara and Clarie Holt of CBRE represented the seller, Demmon Partners. Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt and Structured Finance team in San Francisco secured the loan on behalf of the buyer.
“16 Powerhouse is among the most competitive multifamily assets in the Sacramento market,” said Ross. “Its central location paired with Demmon Partners’ expansive renovations position the property well for long-term performance under new ownership.”
Located at 1606 P St. in Sacramento, the six-story building is made up of one- and two-bedroom floor plans and ground-floor retail tenants including Orchid Thai, Magpie and Temple Coffee. 16 Powerhouse was built in 2015, with an addition completed in 2024 by previous ownership.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout