**Jackson Square Properties Acquires Sacramento Multifamily Property for $54.6 Million**
CBRE has announced the successful $54.6 million sale of The Falls at Arden, a 272-unit multifamily community located at 2345 Northrop Avenue in Sacramento. The property was acquired by Jackson Square Properties, a real estate investment firm based in the region.
The transaction was brokered by CBRE’s Marc Ross, Joe McNamara, and Claire Holt, who represented the seller, Demmon Partners. Demmon Partners is a family-owned real estate investment, management, and development company headquartered in Sacramento. Acquisition financing was arranged on behalf of Jackson Square Properties by Ryan Greer and Trevor Breaux from CBRE’s Capital Markets Debt & Structured Finance team.
Originally built in 1986, The Falls at Arden features studio, one-bedroom, and two-bedroom floorplans, averaging 679 square feet in size. Under Demmon Partners’ ownership, the property underwent significant upgrades, including enhancements to the on-site amenities as well as in-unit laundry installations in nearly every apartment. At the time of the sale, the community boasted a 97% occupancy rate.
“The Falls at Arden has consistently demonstrated strong operational performance and low vacancy, which we anticipate will translate to significant success for the new ownership,” said Marc Ross of CBRE.
*Photo credit: Digital Sky Photography.*
