Guardian Capital, Tekin Development Sell Sacramento Development Site
This location is fully entitled for a 397-unit multifamily project.
Advanced Building Solutions has purchased a 397-unit development site in Rocklin, Calif., a suburban market of Sacramento, Calif. A joint venture between Tekin Development and Guardian Capital sold the fully entitled property for $19 million, or $47,850 per unit. Cushman & Wakefield brokered the transaction.
According to the current development plans, the community, dubbed The Harper, will come online in two phases. Phase I will comprise 237 units, while 160 apartments will be completed during Phase II.
Located at 6250 W. Oaks Blvd., The Harper will be a garden-style property that will include one-, two- and three-bedroom units and townhouses ranging between 825 and 1,465 square feet, according to Yardi Matrix data. Amenities are set to feature a clubhouse, a swimming pool and ample parking, among others.
The approximately 19-acre site is close to Kathy Lund Park and to William Jessup University, 25 miles from downtown Sacramento and within 30 miles of Sacramento International Airport. The location will provide easy access to Highway 65 and Interstate 80, as well as to multiple retail and dining capabilities.
Cushman & Wakefield Executive Managing Director Jason Parr, Senior Director Scott MacDonald, Financial Analysts Brayden Joel and John Hansen, together with Senior Financial Analyst Sydney Ladrech negotiated on behalf of both parties.
Multifamily projects and investments in Sacramento
Nearly 700 units across seven properties have changed hands in Sacramento since the beginning of the year, according to Yardi Matrix information. One of the transactions involved a 142-unit multifamily community in South Sacramento that Positive Investments sold for $15.8 million in May.
More than 260 projects, totaling some 58,000 units, were under construction or in the planning and prospective stages across the metro as of July, the same data provider shows. In April, Canyon Partners Real Estate and its partners announced plans for the development of a 253-unit multifamily project in the Folsom suburb of Sacramento. Completion is expected in the third quarter of 2024.