As COVID-19 control measures continue to take a toll on both real estate activity and the economy, the most prominent infill developer in the region said he’s staying busy.

Within the next month, said Sotiris Kolokotronis, work should start on both the 190-unit apartment and retail project on the closed Mansion Inn site in Midtown Sacramento, and the 737-unit Arden Gateway apartment project near the Arden Fair shopping center, also in Sacramento. Building abatement is already underway for the former Mansion Inn hotel, which should be completely demolished by May 1, he said.

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The first phase of the largest Sacramento-area apartment complex to be built in several years has sold to a new owner.

Beverly Hills-based real estate investment company Kennedy Wilson acquired The Eisley, the 405 units that make up the first phase of the 737-unit Arden Gateway project in Sacramento northwest of Arden Fair mall, according to an announcement from commercial real estate brokerage CBRE, which arranged a bridge loan on behalf of Kennedy Wilson.

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The Sacramento Valley chapter of NAIOP, the Commercial Real Estate Development Association honored local developer Sotiris Kolokotronis of SKK Developments at its Person of the Year dinner on Sept. 5.

The event was held at Annunciation Greek Orthodox Church in East Sacramento. Check out the accompanying slideshow for names and faces from the dinner.

NAIOP has more than 15,000 members in North America and offers opportunities for networking, professional development and more.

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One of the largest residential properties in the region is proposed for the vacant 25-acre space next to Arden Fair mall once occupied by the Sacramento Inn.

The project, called Arden Gateway, would build 737 units in two stand-alone apartment complexes split by a “spine” road that allows access to the street. It’s helmed by developer Sotiris Kolokotronis.

“We thought they would do an outstanding job,” said Mark Friedman, who co-owns the land the apartments would be built on, along with Sue Watkins. Friedman also owns Arden Fair mall, which is adjacent to the empty lot proposed for the project. For him, Arden Gateway is the perfect complement to the mall.

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The Eisley, a 405-unit multifamily community that is currently under construction on 14 acres at 1567 Bartlett Way in Sacramento, was recently purchased by Kennedy Wilson. The 366,638-square-foot property is expected to be completed by spring 2022.

Tampa-based DeBartolo Development and its local development partner, SKK Development, confidentially exposed the opportunity to a select group of qualified buyers. Luis Elorza and Bryan Schellinger, managing directors with NorthMarq in Tampa and Los Angeles, identified the buyer based upon its ability to fund single-asset Opportunity Zone transactions.

Read the full article here.

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SKK Developments and DeBartolo Development have sold the 277-unit Press Building in Midtown Sacramento, only a few months after finishing the project.

The two development firms sold the building, which also has 8,600 square feet of first-floor retail space, for $118 million to Oakmont Properties. That would put the Press, the largest single housing project in Midtown, near the top on a per-unit basis, with a price of $428,000. CBRE Sacramento, which brokered the deal, described it as the largest multifamily sale in Sacramento history.

Read the full Sacramento Business Journal article.