CBRE Facilitates Sale of Howe Manor Apartments in Sacramento for $18.875 Million

CBRE facilitated the sale of Howe Manor Apartments, a 152-unit multifamily property located at 950 Howe Avenue in Sacramento, California. The property was acquired by FPA Multifamily for $18.875 million.

CBRE’s Marc Ross, Joe McNamara, and Claire Holt represented the seller, Howe Manor, Inc., in the transaction.

“This was a generational asset with deep roots in Sacramento’s multifamily history,” said Ross. “The seller’s family originally developed Howe Manor in the 1960s and has proudly owned and operated it for over 60 years. With thoughtful capital improvements and interior renovations, the property is poised to deliver strong performance and long-term value for the new ownership.”

Howe Manor consisted of one- and two-bedroom floor plans. Community amenities included two separate pool decks. Located on a 4.58-acre site in the Arden-Arcade submarket, residents benefit from several nearby retail amenities including six different grocery store options within a 3-mile radius and direct access to major transportation corridors, including I-80 and Highway 50.

According to CBRE Research, high mortgage rates and elevated home prices have pushed homeownership further out of reach for an additional 1.8 million U.S. renter households. The growing financial gap between renting and owning is keeping more households in the rental market, which continues to drive strong demand for multifamily housing. CBRE forecasts that multifamily occupancy rates will remain above historical averages for years to come.