Exclusive: Sacramento BTR Property Gets $53M Refi 

New Growth Living has obtained a $53 million refinancing loan for Tanzanite Homes, a 211-unit built-to-rent community in Sacramento, Calif., according to Yardi Matrix information. Lument provided the note, which is due 2029.

Previous loans include a $50 million permanent note, which Arbor Realty Trust issued in 2024, the same data provider shows. Arbor also originated a $46 million construction loan for the project in 2021.

Tanzanite Homes came online at 2490 Quiet Trail Lane in 2024, and was, at the time, the first build-to-rent development in Sacramento. Montgomery Street Partners and Rockpoint Group were also partners in the project.

The one- and two-story, 128 building-property sits on more than 19 acres near the intersection of interstates 5 and 80. Multiple parks are within walking distance of the community, while Natomas Marketplace is 1 mile away, providing several dining and retail options.

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The unit mix at Tanzanite Homes includes one-, two- and three-bedroom apartments, as well as eight townhomes, spanning from 726 to 1,501 square feet. Most units are parts of duplexes.

All apartments include washer and dryers, microwaves and digital locks, while fenced yards and EV detached garages are available in select units and homes.

Shared amenities at the pet-friendly community include a fitness center, clubhouse, outdoor barbeque, swimming pool and fire pit. Tanzanite Home has more than 250 parking spaces and electric charging stations. SRG Residential manages the property.

Across the U.S., SFR rents increased 2.9 percent year-over-year as of June, according to a third quarter Arbor report. Sacramento recorded a 2.8 uptick, while elsewhere in California, Los Angeles and San Diego posted a 2.3 percent and 3.1 percent rise, respectively. San Francisco neared the first half of the list with a 4.7 percent rent increase index, while San Jose topped the list, peaking at 5.9 percent.