SACRAMENTO—Much-needed affordable housing is on the way to Sacramento. San Rafael-based EAH Housing recently acquired an approximately 1.27-acre site at 1901 Broadway from Sutter Capital Group.
This urban infill transit-oriented multifamily development site is in the Broadway Corridor near downtown. Currently housing a 28,415-square-foot vacant office building, the property sold for a price equating to $40,000 per multifamily unit based on EAH's development plans.
Jason Parr and Scott MacDonald with Cushman & Wakefield's Northern California multifamily advisory group represented the seller in the transaction.
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"This transaction and planned housing development is a significant win for Sacramento and particularly the Broadway Corridor which continues to undergo revitalization," Parr tells GlobeSt.com. "This will be a marquee project adjacent to transit that will provide much-needed affordable housing to the area."
EAH plans to develop a 140-unit affordable housing project in two buildings on the site after receiving design review approval from the city in August. EAH's approved plans will consist of studio, one-, two- and three-bedroom apartment units.
The project would be a permanently affordable development, accommodating a tier of renters earning in the range of 30% to 80% of the area's average median income. Reportedly, EAH is working on raising funds for the new development and construction could potentially begin in late 2021.
"The property's location in the heart of the Broadway Corridor and adjacent to the thriving Midtown and downtown submarkets provides future residents instant access to the live-work-play offerings that have transformed Sacramento into California's fastest-growing major city," said Parr.
Despite current economic disruption and market uncertainty, Sacramento's market occupancy increased 20 basis points in the second quarter to 96.6%, the 13th consecutive quarter above 96% occupancy, according to a second quarter report by Colliers International. Average monthly rents declined by only 0.1% in the second quarter to $1,513 as annual rent growth slowed to 1.8%. There were only 13 multifamily sale transactions in the second quarter, the lowest quarterly transaction total going back to first quarter 2009, says the report.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
