IRVINE, CA – HFF announced today that it has been named to market for sale Capitol Towers (top left photo), a 409-unit high-rise multi-housing community in Sacramento, California.
HFF is marketing the property on behalf of the seller, Bond Companies, for an undisclosed amount free and clear of debt.
Capitol Towers is located at 1500 7th Street in downtown Sacramento three blocks from the Capitol Mall and offers views of the state capitol from select units.
The property was renovated between 2003 and 2006 and has one-, two- and three-bedroom units averaging 701 square feet each.
The property features six ground floor retail units to provide additional income and resident amenities.
Community amenities include a clubhouse, fitness center, social lounge, business center, Olympic-size pool and sauna. Capitol Towers is approximately 95 percent leased. Additional upside exists as 8.6 acres of the site include multi-housing development entitlements for up to 1,290 units.
The HFF investment sales team representing Bond Companies is led by co-head of HFF’s national multi-housing group Sean Deasy (top right photo) and managing director Mark Petersen along with executive managing director Matthew Lawton (lower left photo).
Bond Companies is a national real estate company with offices in Los Angeles and Chicago that provides comprehensive real estate and investment services that improve communities.
Contacts:
SEAN P. DEASY KRISTEN M. MURPHY
Ca. Lic. #00914616 HFF Associate Director, Marketing
HFF Multi-housing Group Co-Head (713) 852-3500
(949) 798-4120 krmurphy@hfflp.com
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