CBRE Brokers $85.15 Million Sale of 339-Unit Multifamily Property in Sacramento

21 May 2020

The Fountains at Point West

CBRE announced today the $85.15 million sale of The Fountains at Point West, a 339-unit value-add multifamily property located at 1761 Heritage Lane in Sacramento, Calif. Marc Ross of CBRE’s Sacramento office represented the seller, Oakmont Properties from San Rafael, Calif. Bridge Investment Group from Salt Lake City, Utah, purchased the property in a sale that closed May 13.

 

This marks the first significant multifamily sale to occur in Sacramento since the COVID-19 pandemic hit, which is a testament to the property’s status as a landmark asset in the region, stated Marc Ross, Executive Vice President, CBRE.

 

Built in 1974The Fountains at Point West is located in the Arden-Arcade submarket of Sacramento, across the street from the Arden Fair Regional Mall and Kaiser Permanente’s Point West CampusThe property underwent substantial exterior renovationincluding new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual pane windows, exterior paint, landscaping, and an upgraded fitness center and clubhouseOakmont Properties has fully renovated only 23 units, allowing Bridge Investment Group to benefit from fully renovating the remaining units and revitalizing vacant community spaces currently present at the property. 

 

The property includes studios, one-, two- and three-bedroom floor plans. Community amenities include 12,000-sq.-ft. clubhouse, a theater room, state-of-the-art multi-story fitness center with racquetball courtsthree resort-like pools and spas, multiple waterways and fountains, shaded BBQ area, three tennis courts and a basketball court, underground garage parking, and elevators serving the three-story buildings.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.