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.

Powered by WPeMatico

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.

Powered by WPeMatico

SARASOTA, FL – FCP and Crescent Communities announce a joint venture for the development of RENDER Legacy Trail at 15560 Render Way in Laurel, FL, the second such partnership between the two companies this year. The 450-unit, Class A multifamily community will be built within a mixed-use village featuring retail space and residential homes and will provide access to exceptional nearby amenities.
“FCP is excited to partner with Crescent Communities on this exciting new development,” said FCP’s Bruce Gago, who heads the firm’s Florida office. “Sarasota has experienced strong job growth and continued substantial in-migration that has only accelerated during the pandemic. The new apartments will help alleviate the significant housing shortage in Sarasota County, while providing its residents with a best-in-class living experience and amenities.”
“We are excited to continue the evolution of our multifamily products by introducing RENDER to the Florida market,” said Tim Graff, Managing Director of Florida for Crescent Communities’ multifamily business. “RENDER offers residents thoughtfully crafted communities that are rich in character at a more approachable price point. RENDER Legacy Trail will be part of a larger master-plotted community with additional residential offerings, including the forthcoming HARMON Legacy Trail, Crescent Communities’ BTR (build-to-rent) offering, and more than five acres of future retail space.”
RENDER Legacy Trail will provide residents with rapid access to the recreational and amenity features that have attracted so many people to the area. The property has direct access to the Legacy Trail, a continuous 20-mile recreational trail that connects downtown Sarasota with downtown Venice, and winds through Oscar Scherer State Park, a lush 1,400-acre nature preserve. Nokomis Beach, a tranquil white-sand seashore, is just a few miles from the community. The new 65-acre Sarasota Memorial Healthcare Venice Campus is less than five miles from the property and local arterials provide simple drives to many employment centers in the region.
Community amenities will focus on delivering what matters most to residents and their needs and encouraging a highly social and energetic environment. Offerings will include a centralized lobby and leasing area, self-service package area, fitness center, and multipurpose rooms that can serve as coworking lounges. Abundant outdoor space will provide opportunities for residents to grill, dine, socialize, swim, and relax.
Residences at RENDER Legacy Trail will feature functional design elements that will intentionally contribute to the space’s overall feel of a home, rather than a typical apartment unit. These details will include entryway mudrooms with built-in storage, home office workspaces separate from the living room and kitchen, and enhanced closet systems to provide added in-home organization. Configurations from one- to three- bedrooms will be available.

Powered by WPeMatico