SACRAMENTO, CA - CBRE announced the $92.3 million sale of Alira Luxury Apartments, a 293-unit apartment community in the Natomas submarket of Sacramento, Calif. Stockton, Calif.-based multifamily development firm AG Spanos Companies sold the property to San Rafael, Calif.-based real estate investment firm Oakmont Properties in an off-market transaction that closed Thursday.
Marc Ross with CBRE’s Sacramento office brokered the sale. Andrew Behrens with CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer.
Located at 4100 Innovator Drive, the newly constructed community features best-in-class amenities including a rooftop deck, heated swimming pool and spa, barbecue areas, state-of-the-art fitness center, yoga studio with on demand fitness, hammock garden, gaming room and movie theater. The unit mix is comprised of upscale studio, one-, two- and three-bedroom apartments.
Alira is within walking distance of the new Centene office campus, which will bring approximately 5,000 jobs to the Natomas submarket upon its completion. The property is within three miles of both I-5 and I-80, two major freeways that connect Natomas to the rest of the Sacramento metropolitan area as well as the nearby San Francisco Bay Area.
“Alira welcomed its first residents in May 2020 and experienced remarkable leasing velocity with the property recently surpassing 95% occupancy, signifying the demand for well-amenitized and luxury suburban living,” said Ross.
Sacramento is one of the markets still experiencing apartment rent growth in the wake of COVID-19. The market has seen apartment rents rise just under 4% in the last year, the sixth-highest growth rate in the U.S., according to a recent report from CBRE Econometric Advisors.