SACRAMENTO—The moving trucks continue rolling into Sacramento and multifamily assets are reaping the benefits. The latest is the 293-unit Alira Luxury Apartments, which recently sold in the Natomas submarket for $92.3 million. Stockton-based multifamily development firm AG Spanos Companies sold the property to San Rafael-based real estate investment firm Oakmont Properties in an off-market transaction.
Sacramento is one of the markets continuing to experience apartment rent growth in the wake of COVID-19. The market has recorded increasing multifamily rents to slightly less than 4% in the last year, the sixth-highest US growth rate, according to a recent report from CBRE Econometric Advisors.
"Sacramento has long been a beneficiary of in-migration from people looking for a better lifestyle with more affordable for-sale and for-rent housing," Marc Ross, executive vice president with CBRE's Sacramento office, tells GlobeSt.com. "COVID-19 has accelerated that trend as many people can now work remotely. This population growth, combined with other factors, such as a limited supply pipeline, has fueled demand for rental housing and driven rent growth these past several months."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
