CBRE Negotiates $119 Million Sale of The Eleven Hundred Multifamily Community in Metro Sacramento

CBRE has arranged the $119 million sale of The Eleven Hundred, a 565-unit, 45 building multifamily community in the Arden-Arcade submarket of Sacramento.

Marc Ross with CBRE’s Sacramento Multifamily Investment Properties group represented the seller, Northern Calif.-based, OpenPath Investments, in the transaction. The property was purchased by Beverly Hills, Calif.-based private investor KF Properties, Inc.

Located at 1100 Howe Ave., and built in 1963, The Eleven Hundred features studio, one-, two-, three- and four-bedroom units averaging 775 square feet. OpenPath invested extensive capital in exterior and community upgrades including recent exterior paint and siding, renovating the tennis courts, pool bathrooms and clubhouse, a complete electrical overhaul, exterior lighting, fencing and more. Community amenities include a clubhouse, a fitness room, a swimming pool and hot tub, a garden, tennis and basketball courts, a playground, and a grilling and picnic area.

The property is located minutes from I-80, Highway 50 and Highway 160, providing connectivity to Downtown Sacramento. Residents also have direct access to nearby recreation, retail and entertainment amenities as the property is proximate to the American River Parkway, the Sacramento Zoo, Arden Fair Mall, and Sacramento State University.

“The Eleven Hundred has the most expansive amenity set in the area and offers the buyer a unique opportunity to implement a full unit renovation,” said CBRE’s Marc Ross. “KF Properties has a stellar track record with large scale renovations and I’m excited to see how they reposition the asset.”