SACRAMENTO, CA - CBRE facilitated the $34.5 million sale and acquisition financing for 16 Powerhouse, a 73-unit multifamily community in Sacramento, California, to Oakmont Properties. This was the highest price-per-unit sale in the Sacramento area in four years.
CBRE’s Marc Ross, Joe McNamara and Clarie Holt represented the seller, Demmon Partners, in the transaction. CBRE’s 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. The addition included adding 23 units, a luxury clubhouse and lounge, spa deck, outdoor lounge, rooftop deck and outdoor kitchen.
The transaction comes as multifamily fundamentals improve nationally. The overall U.S. multifamily vacancy rate fell to 4.8% in Q1 2026 as net absorption outpaced construction, according to CBRE research.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com