SACRAMENTO, CA – Soma Capital Partners, a privately-held real estate investment and advisory firm, announced the buy of 1430 Q Street Apartments in Sacramento, CA, for $57.1 million. The Property is located in the highly desirable Midtown neighborhood of the city.
The Property, an 8-tale, Class A building totals approximately 95,000 square feet, comprised of 8,700 square feet of ground-floor retail and 75 luxury apartment units. The Property was delivered in 2021 and is currently 95% leased with condo-quality unit finishes and ample parking. Located one block off the R Street Corridor, the Property is walking distance to countless dining, retail, and entertainment options in both Midtown and Downtown.
SCP bought the property in partnership with a core-plus investment vehicle managed by Argosy Real Estate Partners. During escrow, SCP/AREP negotiated a sale and 99-year lease-back of the land with iStar Financial s SafeHold REIT, a pioneering strategy for the Sacramento market.
Peter Horn, Partner with SCP, commented, We re thrilled to buy a best-in-class asset in a market with such strong multifamily fundamentals as Sacramento. Utilizing a creative capital structure, we hope to deliver outsized risk-adjusted returns for a core-profile investment.
Jordan Caspari, Partner with SCP, added, This Property checks all the boxes for us to attract interest from both tenants and investors over the long term with an A+ location in Midtown, new construction of high-quality residences, ample parking, and brilliant access to downtown and the freeways at the intersection of Q and 16th Streets.
Tye Palonen represented SafeHold in the transaction. Scott MacDonald and Jason Parr from Cushman & Wakefield represented the sellers on the transaction. Chris Botsford and Rene Alvarez with Walker & Dunlop provided loan advisory services to secure leasehold financing for the Property.

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CARSON CITY, NV – As demand for homes continues to grow and residents seek new living options, Kingsbarn Capital & Development announced it has officially broken ground on a 140-unit, garden-style, multifamily development called The Marlette.
Located at Small Lane and Janas Way in Carson City, the apartment complex is being developed on a 6.1-acre site. The community will feature 10 two-tale buildings, each with 14 units, a 3,000 square-foot clubhouse, leasing office, fitness center, dog park, a playground, and a swimming pool area complete with cabanas, firepit seating, and an outdoor kitchen for resident use.
“We’re really excited to bring a new multifamily offering to the Carson City market. The Marlette development will fulfill a much-needed demand for multifamily rentals in this rapidly growing area,” said Kingsbarn Capital and Development President Phil Mader. “The community is only a small distance from the Nevada State Capitol and has fantastic access to nearby shopping, walking paths and restaurants.”
The community will be comprised of 80 one-bedroom, one-bathroom units, and 60 two-bedroom, two-bathroom units. The living spaces will include timeless interior finishes, energy-efficient appliances, kitchen islands, walk-in closets, 8-foot patio sliders, and Wi-Fi.
The construction firm for the project is Neeser Construction, and the architect is Terry Novak of Novak Architecture. The first units are expected to be completed in spring of 2023.

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AUSTIN, TX – Silverstone Partners announced it has bought SeventyTwo 27 Apartments, a value-add multifamily community located in the Windsor Park neighborhood of Austin, Texas.
The acquisition of the Property is aligned with Silverstone’s investment strategy to buy multifamily communities with meaningful value-add upside potential in high-growth US markets. Originally constructed in 1984, the Property is comprised of 160 apartment units across ten garden-style buildings on five acres, and includes studio, one- and two-bedroom layouts.
The Property offers a compelling opportunity for Silverstone to do a specific business plot to make key improvements to both the interiors and exterior, including a resort-style pool and other community amenities. These improvements are expected to make value for all stakeholders, most of all both current and future residents.
Austin is one of the fastest-growing major metros in the US, with the city’s expansion driven by a large and rapidly growing technology sector and significant in-migration of new residents. These dynamics are making significant tailwinds for multifamily real estate, further supported by the strong demand for well-located, affordable living space. Silverstone’s analytics-driven approach identified Windsor Park as an attractive neighborhood for multifamily investment, along with 100 other neighborhoods in key US markets.
Manoj Ramprakash and Adam Brueckner, Managing Principals at Silverstone, said, “We are thrilled to launch Silverstone Partners with this terrific opportunity and look forward to building successful partnerships with our key stakeholders. The Property will greatly benefit from more active asset management and a refresh of both the interiors and exterior. This acquisition represents an vital milestone for the launch of Silverstone, and we expect to deploy over $100 million of equity over the next two years into these types of opportunities.”

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