Oakmont Properties acquires the 73-unit 16 Powerhouse multifamily community in Sacramento for $34.5 million.
Oakmont Properties has acquired 16 Powerhouse, a 73-unit apartment community located at 1606 P St. in Sacramento, from Demmon Partners for $34.5 million. The six-story property, originally built in 2015 and renovated with an addition in 2024, includes one- and two-bedroom floor plans and ground-floor retail space currently leased to tenants including Orchid Thai, Magpie, and Temple Coffee. Community amenities consist of a clubhouse, lounge, spa deck, rooftop deck, and outdoor kitchen.
CBRE represented the seller in the transaction, while also securing acquisition financing for the buyer. The property represents a stabilized multifamily asset in the Sacramento market featuring a mix of residential units and retail components.
Developers have filed updated plans for a residential project at 1728 Larkin Street in the Nob Hill neighborhood of San Francisco.
Eden Housing completes Mitchell Park Place, a 50-unit affordable housing community in Palo Alto featuring supportive services for adults with disabilities.
California Development & Design Inc. plans to replace a Century City residential property with a new apartment building at 2217 South Fox Hills Drive.
Strada Investment Group proposes a 286-unit residential development to replace a 60,000-square-foot life sciences lab in Palo Alto.
Walker & Dunlop arranges a $101.5M HUD Section 223(f) refinancing for the 312-unit Enclave Heritage Flats multifamily community in Chula Vista.
Brookfield Properties secures Concord City Council approval for a massive 12,000-unit redevelopment of the former Concord Naval Weapons Station.
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