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Asset With Highest Rents In Town Sells For $22M

SACRAMENTO-L Street Lofts, a mixed-use, fractured condominium project, sells with just 10 units being leased for $2.50 per square foot, the highest rental rate in the midtown area.

By Carrie Rossenfeld | Updated on May 24, 2012

(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

SACRAMENTO-L Street Lofts, a class-A, mixed-use, fractured condominium project constructed in 2008 and located in midtown Sacramento, has been purchased by a Southern California-based private investment group. While the price has not been disclosed, an unidentified industry source tells GlobeSt.com that the sale price was $22 million, which is believed by many industry experts to have set new record pricing for the Greater Sacramento region. The sale consists of 67 residential condominiums, two commercial condominiums, and condominium ownership of the parking garage. L Street Lofts sold with just ten units leased at an average rental rate north of $2.50 per square foot, representing the highest rents in town. A CBRE team led by Marc Ross, Sean Cunningham and Tom Bohlinger represented the seller, CRE LJ L STREET LLC, an entity of a Southern California-based regional bank. The 71,873-square-foot property is located at 1818 L St. in the Handle District and is within blocks of the central business district.

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