RevOZ Capital has formed a joint venture with Argosy Real Estate Partners to acquire an approximately 127,000-square-foot office building in downtown Sacramento.
The seller was SG Downtown, an affiliate of the Sacramento Kings ownership group.
Renovation plans include re-skinning the building’s exterior, recreating the building’s lobby, adding on-site amenities, creating new outdoor space, updating restrooms and modernizing building systems. The renovation incorporates several features as a response to the COVID-19 pandemic, including improved air circulation and filtration and enhanced touchless systems.
The property sits within a designated opportunity zone. There are more than 8,700 opportunity zones nationally: 879 in California and 43 in Sacramento County, including nearly all of a downtown Sacramento area beset by poverty rates consistently in excess of 30 percent to 40 percent for decades.
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