Oakmont Properties Acquires MultiFamily In El Dorado Hills For $85.6M

Element 79 is a newly constructed 214-unit class-A multifamily community located at 4373 Town Center Blvd in El Dorado Hills, CA. The property was recently purchased by Oakmont Properties from AG Spanos for $85.6 million. At the time of sale, the property was 94 percent leased and projected to see a rental growth of 15.8 percent by the end of 2021.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $85,600,000.00
• Market: El Dorado Hills
• Seller's Representative: Marco Rossetti (CBRE)
• Buyer: Oakmont Properties

Alongside the seller's representative Marco Rossetti, Andrew Behrens, Jesse Weber, and Stephen Baird from CBRE were involved in arranging financing on behalf of Oakmont Properties. The property, Element 79, is considered one of the premier apartment properties in the region, making it an excellent addition to Oakmont Properties' expanding portfolio in the Western U.S. With a strong lease-up performance and continued projected rental growth, the property is poised for long-term success in the Sacramento market.