CBRE Secures $83 Million in Financing for Multifamily Property in Sacramento, Calif.

CBRE Capital Markets’ Debt & Structured Finance arranged an $83-million loan on behalf of Houston-based real estate development firm Oakdale Communities for the development of The Core Natomas, a luxury apartment complex in Sacramento, Calif.

Kevin Randles and Angelica Heath of CBRE’s Sacramento office, and Jim Richards and Susan Speer of CBRE’s Houston office arranged ninety-percent of the total project capital through its deep network of lender and investor relationships combined with its knowledge of the local marketplace.

Located at 2705 Orchard Lane, the 300-unit village-style complex will consist of 13 two and three-story buildings, as well as a clubhouse. The community will be comprised of one-bedroom, two-bedroom and three-bedroom apartment homes. The amenity package includes a resort-style swimming pool, fitness center and outdoor kitchens. Construction is expected to begin in May of 2019.

The Core Natomas is adjacent to the I-80 freeway and less than one mile from the I-5 freeway. The community location in the southwest quadrant of the Natomas submarket that has recently welcomed new employers such as Centene Insurance, Kaiser Hospital and the State of California. The property is four miles from Downtown Sacramento, which offers numerous retail and entertainment destinations.

“This property sits in an ideal location due to its proximity to the I-80/I-5 interchange, as well as the abundance of jobs in the area,” said Randles. “Sacramento has long been known as a community with a high quality of life and is recently being recognized as a progressive region with a ‘foody’ scene sought after by many Bay Area residents. The location of the complex along with its exceptional amenities makes The Core Natomas a strong investment.”

CBRE’s William Ayres represented the buyer and the seller.