GlobeSt: Press at Midtown Quarter is Largest Single-Asset Market-Rate Multifamily Trade

SACRAMENTO—The Press at Midtown Quarter is a 277-unit class-A multifamily property located in Midtown. Its recent sale at $118 million marks the largest single-asset market-rate apartment trade in Sacramento history in terms of deal size.

CBRE’s Marc Ross brokered the sale between the seller, DeBartolo Development from Tampa, FL, and its local partner SKK Developments, and the San Rafael buyer, Oakmont Properties. Andrew Behrens with CBRE’s debt and structured finance group arranged the financing.

Read the full GlobeSt article.

Sac Biz Journal: Midtown Association adds blocks on 16th Street

By one measure, Midtown Sacramento is getting a little bigger.

As of next year, the Midtown Association is adding five blocks on the north end of 16th Street, expanding its scope as far as C Street.

Association Executive Director Emily Baime Michaels said her group wasn’t aggressively trying to expand, but property owners on that stretch kept asking to be included.

“Once we got out there, we found there’s a pretty big desire and demand,” she said.

The association, a property and business improvement district, will be able to add services such as maintenance and safety, placemaking and streetscape upgrades to that stretch, with property owners paying fees toward those costs.

Read the full Sacramento Business Journal article.

Sac Biz Journal: SKK Plans 7-story Project in Midtown

With a new project, SKK Developments is returning to a Midtown Sacramento intersection near two other projects by the firm from over a decade ago.

On the southwest corner of 18th Street and Kayak Alley, SKK has proposed a seven-story project of apartments, retail, and office space on a .14-acre parcel.

Developer Sotiris Kolokotronis of SKK said he knows the neighborhood as well as the site, which has an address of 1116 18th St.

Read the full Sac Biz Journal article.

Inside Sac: A View for Rooms – Developer Rebounds with Focus on City Core

The Tsakopoulos name is prominent on some admired Downtown landmarks, with good reason. A gift from Angelo Tsakopoulos in his wife’s honor closed a financing gap at The Sofia B Street Theatre complex on Capitol Avenue. Not far away, he helped fund the Tsakopoulos Library Galleria on I Street.

But another member of the family, Angelo’s nephew Sotiris Kolokotronis, who freely admits he moved from his native Greece to Sacramento because the California capital seemed like a good place to make money, has had more to do with shaping Downtown’s renaissance than just about anyone.

For the irrepressibly upbeat and optimistic Kolokotronis—he took a hard fall in the last recession when the market wasn’t as enthusiastic as he was—his recent success is as sweet as a slice of baklava.

“You never know how things come together,” the 60-year-old developer said during a recent interview at a Midtown restaurant.

Read the full article here.

The Sac Bee: Rooftop decks and home offices: More modern housing planned for downtown Sacramento

The historic neighborhood on the northern edge of downtown Sacramento is about to get more high-end housing.

SKK Developments, a firm that has been busy constructing new apartments and town homes around the central city, is proposing to build 16 three-story townhouses on the southeast corner of 13th and C streets in the Mansion Flats neighborhood of downtown.

The homes, part of what’s being called the 13C Townhomes project, would be offered at market rate and would be between 1,800 and 1,907 square feet, according to documents filed with the city of Sacramento.

Read the full article here.