CRP Affordable Housing & Community Development Acquires Development Site In Sacramento For $4.75M

The development site located at 6661 Folsom Boulevard in Sacramento has been sold for a price of $4,750,000. Spanning across 107,500 square feet, the property offers ample space for future development. With a price per square foot of $44, this transaction reflects the value of the land in the market.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $4,750,000
• Address: 6661 Folsom Boulevard
• Market: Sacramento
• Size: 107,500 square feet
• Price per Square Foot: $44

The buyer, CRP Affordable Housing & Community Development, has acquired this development site from the seller, Pietro Saviotti. The transaction was facilitated by Alberto J Guardado from Real Estate Collective Group, who represented both parties involved in the deal.

It is worth noting that CRP Affordable Housing & Community Development has exciting plans for the property. The 69th Street Apartments, a 130-unit apartment complex, will be constructed on this site. The project has already secured project-based vouchers with the aim of providing affordable housing options for the Sacramento State University community. The apartments will cater to individuals with incomes ranging from 30% to 60% of the Area Median Income, targeting the workforce housing segment. Construction is scheduled to commence in the fourth quarter of 2024.