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."