Berkadia, a leader in the commercial real estate industry, announced that it arranged the sale of The Strand, a new 408-unit, garden-style multifamily community located in West Sacramento, California. The property deal closed on January 24, 2025.
Senior Managing Director Jason Parr, Managing Director Scott MacDonald, Senior Director Kaohu Berg-Hee, and Director John Hansen of Berkadia San Francisco and Senior Managing Director Brett Betzler of Berkadia Irvine arranged the sale on behalf of the seller, MBK Rental Living. The buyer, a joint venture between Bascom Group and Oaktree Capital Management LP, acquired the property for $126 million. It is the third-largest single multifamily transaction in the Sacramento MSA history.
Managing Director Clay Akiwenzie and Director Hank Workman of Berkadia San Francisco, sourced a $94 million loan from Walton Street Capital on behalf of the buyer.
“MBK Rental Living developed The Strand with a focus on exceptional design and a prime location in the Sacramento region, which generated tremendous interest from a diverse pool of investors,” said Parr. “Bascom Group and Oaktree Capital Management ultimately secured this high-quality asset due to their strategic approach and ability to recognize the long-term value offered by this newly built community with connectivity to the urban core. With its strong in-place income, affluent tenant demographics, and potential for continued rent growth, The Strand is a compelling investment that exemplifies the strength of the Sacramento multifamily market.”
“The highly competitive debt process was a testament to the asset’s quality and the strength of the buyer, with whom we were thrilled to work to facilitate this deal,” added Workman. “This transaction further highlights the exceptional teamwork of our Bay Area Capital Markets team and our commitment to delivering the best execution for our clients.”
The Strand is the third largest property built in the Sacramento MSA in the last five years. It consists of 39 three-story buildings offering a mix of one-, two-, and three-bedroom units averaging 885 square feet. Individual units offer open concept living areas, modern custom-wood cabinetry, quartz countertops, stainless steel appliances, washer and dryer, central heat and air, wood-style flooring, and covered private balconies/patios. Community amenities include two resort-style pools with cabanas; a resident clubhouse; outdoor fire pits and gas grills; a spa and fitness center; a dog park and dog wash area; EV charging stations; bike trails; and more.
Located adjacent to Sacramento’s urban core, the property offers easy access to major transportation corridors and the coveted Bridge District, including Sutter Health Park, Drake’s Barn, & River Walk Park. It is just a short 10-minute bike ride to Downtown Sacramento.
