SAN FRANCISCO, March 29, 2022 (GLOBE NEWSWIRE) -- Soma Capital Partners (“SCP”), a privately-held real estate investment and advisory firm, today announced the purchase of 1430 Q Street Apartments (“1430 Q” or the “Property”) in Sacramento, CA, for $57.1 million. The Property is located in the highly desirable Midtown neighborhood of the city.
The Property, an 8-story, Class A building totals approximately 95,000 square feet, comprised of 8,700 square feet of ground-floor retail and 75 luxury apartment units. The Property was delivered in 2021 and is currently 95% leased with condo-quality unit finishes and ample parking. Located one block off the R Street Corridor, the Property is walking distance to countless dining, retail, and entertainment options in both Midtown and Downtown.
SCP acquired the property in partnership with a core-plus investment vehicle managed by Argosy Real Estate Partners. During escrow, SCP/AREP negotiated a sale and 99-year lease-back of the land with iStar Financial’s SafeHold REIT, a pioneering strategy for the Sacramento market.
Peter Horn, Partner with SCP, commented, “We’re thrilled to acquire a best-in-class asset in a market with such strong multifamily fundamentals as Sacramento. Utilizing a creative capital structure, we hope to deliver outsized risk-adjusted returns for a core-profile investment.”
Jordan Caspari, Partner with SCP, added, “This Property checks all the boxes for us to attract interest from both tenants and investors over the long term with an A+ location in Midtown, new construction of high-quality residences, ample parking, and excellent access to downtown and the freeways at the intersection of Q and 16th Streets.”
Tye Palonen represented SafeHold in the transaction. Scott MacDonald and Jason Parr from Cushman & Wakefield represented the sellers on the transaction. Chris Botsford and Rene Alvarez with Walker & Dunlop provided loan advisory services to secure leasehold financing for the Property.
About Soma Capital Partners
Soma Capital Partners is a privately-held real estate investment and advisory firm based in San Francisco, CA with a focus on select markets west of Denver. SCP invests across the risk-return spectrum alongside its institutional capital partners and has acquired approximately 2.8 million square feet of commercial and residential property since inception in 2014.
For more information on Soma Capital Partners, please visit the firm’s website, www.soma-capital.com.
About Argosy Real Estate Partners
Argosy Real Estate Partners specializes in opportunistic, value-add, core-plus and Opportunity Zone strategies in the lower middle market. Through joint venture structures, AREP invests with operating partners who possess substantial market knowledge and a demonstrated track record. AREP manages capital on behalf of institutional investors, family offices and high net worth individuals, with approximately $1.7 billion of real estate assets currently under management. For more information on Argosy Real Estate Partners, please visit www.argosyrep.com.
Contact:
Jordan Caspari
Soma Capital Partners
jcaspari@soma-capital.com
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