Soma Capital Partners (SCP), in partnership with a core-plus investment vehicle managed by Argosy Real Estate Partners, announced the purchase of 1430 Q Street Apartments in Sacramento, Calif., for $57.1 million. The property is located in the highly desirable Midtown neighborhood of the city.
The seller was not disclosed.
The property, an eight-story, class A building, totals approximately 95,000 square feet, comprising 8,700 square feet of ground-floor retail and 75 luxury apartment units. The property was delivered in 2021 and is currently 95 percent 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.
During escrow, SCP/AREP negotiated a sale and 99-year leaseback of the land with iStar Financial’s SafeHold REIT, a pioneering strategy for the Sacramento market.
“We’re thrilled to
