A sale that closed within the last week represents another high-water mark for multifamily investment in Sacramento’s central city.
Bay Area-based Woodmont Cos. acquired Q19, an apartment and retail project in midtown, for $26.8 million, according to brokers on the deal.
One of those brokers, Ken Turton of Turton Commercial Real Estate, said Q19 set a per-square-foot record of $580, for a project of 68 apartments and 1,985 square feet of retail space.
Rancho Cordova has narrowed to three its list of potential development groups for a city-owned site of about 10 acres, with presentations planned Tuesday night to help narrow further.
The three groups, all of which include at least one local company, were among eight that answered the city’s request for qualifications earlier this year. The city’s request centers on 10 bare acres on Folsom Boulevard near both the Mills light-rail station and Los Rios Community College District’s Rancho Cordova campus.
Demolition will start this week on a long-closed Sacramento hotel building, with new residential units and retail space planned in its place. Developer Sotiris Kolokotronis of SKK Developments said by early 2022, a 190-unit project will occupy the former Clarion Hotel property at 700 16th St.
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Near The Mansion apartments in midtown Sacramento sits the stately California Governor’s House. Today, The Mansion apartments are a nice complement, thanks to an eye-catching redevelopment. It wasn’t always that way.
The redevelopment of the site, completed in June 2022, transformed a formerly abandoned and blighted half-block into a prominent residential rental complex, earning the project a CoStar Impact Award for multifamily development of the year for 2023 in Sacramento.
The site was originally developed in 1958 as a hotel named the Mansion Inn due to its proximity to the governor’s mansion. In its early days, the Mansion Inn had 51 units, a garden courtyard with a swimming pool, a restaurant, and a cocktail lounge.
The hotel remained a fixture in Sacramento’s downtown through the 1980s, when it was acquired by the Clarion Hotel chain and rebranded. Over the next two decades, extensive renovations were made to match corporate standards, although the upgrades stripped the property of much of its mid-century appeal. The Mansion Inn Clarion Hotel closed in 2012, and the property sat derelict and deserted.
Current ownership became involved in the redevelopment of the site in 2016. Six years later it delivered its first units, inspired by The Mansion Inn’s original developer, Ray Corum.
Today, the multifamily property features stately 10- to 14-foot ceilings, a pair of outside courtyards, a roof deck, an expansive lobby, communal kitchen space, and a conference room equipped with audio-visual equipment suited for remote workers. The apartment complex also includes a pet spa, bike rooms, and a fully equipped, 24-hour fitness center.
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