CBRE Arranges $54.6 Million Sale of The Falls at Arden in Sacramento

CBRE has facilitated the $54.6 million sale of The Falls at Arden, a 272-unit multifamily community located at 2345 Northrop Ave. in Sacramento, California. The property was acquired by Jackson Square Properties, a locally based multifamily real estate investment company.

CBRE’s Marc Ross, Joe McNamara and Claire Holt represented the seller, Demmon Partners, a family-owned real estate investment, management and development firm based in Sacramento. Ryan Greer and Trevor Breaux with CBRE’s Capital Markets Debt & Structured Finance team arranged acquisition financing on behalf of the buyer.

Built in 1986, The Falls at Arden offers studio, one- and two-bedroom floorplans averaging 679 square feet. Ninety percent of the units have been renovated with luxury vinyl plank flooring, quartz countertops, stainless-steel appliances and new cabinets. Community amenities include a pool deck and spa, fitness center, and a fully renovated clubhouse with a demonstration kitchen, game room and movie theatre. The property was 97% leased at the time of sale.

“The Falls at Arden has consistently demonstrated strong operational performance and low vacancy, which we anticipate will translate to significant success for the new ownership,” said Ross, executive vice president at CBRE.

Situated in Sacramento’s Arden-Arcade submarket, The Falls at Arden provides access to the region’s largest employment centers via Interstate 80 and Highway 50, including the Downtown MSA, Roseville/Rocklin and the Highway 50 Corridor. Additionally, the property is adjacent to some of the city’s most affluent neighborhoods and premier retail amenities, with nearby dining options such as Ruth’s Chris Steak House, Wildwood Kitchen & Bar, Piatti and Café Bernardo. The property is also near multiple shopping centers and six grocery stores within a three-mile radius, including one of only three Whole Foods Market locations in the region.