SACRAMENTO, CA - CBRE Capital Markets has arranged the sale of EVIVA Midtown, a six-story, 118-unit, trophy apartment community located in Sacramento’s urban core, to Walnut Creek-based Sequoia Equities, for $53.0 million. At nearly $450,000 per unit, the property commanded the highest price per unit ever for a multifamily sale in the region, eclipsing the prior record by 45 percent.
Marc Ross of CBRE’s Sacramento office represented the project’s developer and seller, The Integral Group LLC, a national real estate development and investment firm headquartered in Atlanta, and its investor partner, LDK Ventures.
“With its irreplaceable location and high-end construction and design, EVIVA Midtown is well positioned to be a signature property within the urban core of Sacramento for many years to come,” said Mr. Ross. “As the first new construction sale of this market cycle, we expect this highly successful project will pave the way for more development and interest in participating in Sacramento’s Urban Renaissance.”
Located at 1531 N Street, the Class A, condo-quality community is in a premiere location along the 16th Street corridor, where Downtown and Midtown Sacramento intersect. At the heart of Sacramento’s urban core, with the highest Walk and Bike scores of any community in the region, EVIVA Midtown is less than a mile from the Downtown Sacramento CBD and within a half-mile walk of 18 coffee shops and approximately 150 restaurants and bars.
Built in 2016, EVIVA Midtown is one of only ten 100+ unit market-rate multifamily assets in Sacramento’s urban core , but the only one that features highly efficient Certified Cal Green modular construction. The property offers top-of-the-line interior finishes, gourmet kitchens with stainless steel appliances, in-unit washer and dryer, and oversized windows providing spectacular views of Downtown and Capitol Park. Residents also enjoy a robust amenity package that includes a 24-hour fitness center, community lounge and entertaining kitchen, courtyard with fire pit, barbeque, and enclosed parking garage with controlled access. Additionally, the residential units are complemented by approximately 5,639 square feet of street-level retail on the ground floor including a Jimmy John’s sandwich shop scheduled to open in October.
Sacramento has led the nation in rent growth among the top 50 markets tracked by Axiometrics for 18 straight months, and is ranked among the top markets in the U.S. for projected rent growth over the next two years. According to Yardi Research, as of July 2017, Sacramento’s year-over-year rent growth is 9.8 percent with an occupancy rate of 96.9 percent.
CBRE’s Sacramento Multifamily team, a leader in the region, specializes in representing and advocating for multifamily sellers. The Team works with private and institutional clients, having arranged the sale of more than 100 apartment communities totaling nearly $2 billion.