PGIM Buys Sacramento BTR Community for $65M
Completed two years ago, the property encompasses 152 units.
Curve Development has sold Cyrene at Fiddyment, a 152-unit single-family rental community in Roseville, Calif., a Sacramento submarket, for $65 million. PGIM Real Estate purchased the asset, according to Placer County public records, in a deal arranged by Berkadia on behalf of the seller.
Curve Development completed the property in 2022 using funds from a $36.3 million construction note originated by Western Alliance Bank in April 2021, according to Yardi Matrix information.
The 16-acre property features three- and four-bedroom floorplans across two-story buildings, ranging from 1,367 to 1,589 square feet. Units feature quartz countertops, washers, dryers, private balconies or patios, and two-car garage parking. Additionally, the homes also feature private backyards.
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Located at 7000 Malakai Circle, Cyrene at Fiddyment is some 8 miles from city center, with downtown Sacramento and Sacramento International Airport roughly 23 miles to the southwest.
Berkadia Senior Managing Directors Brett Betzler, Jason Parr and Mark Forrester, along with Managing Director Scott MacDonald, Senior Director Kaohu Berg-Hee and Director Andrew Curtis, all with the company’s Phoenix office, brokered the transaction.
As today, metro Sacramento had five single-family rental developments under construction, which are expected to add almost 800 units to the metro’s stock upon completion, Yardi Matrix shows. All of them are scheduled to come online before the end of the year.
