Brand New 277-unit Luxury Multifamily Community in Midtown SacramentoSep 30, 2020 12:00AM ● By Traci Rockefeller Cusack, T-Rock Communications
DeBartolo Development and SKK Developments Sell The Press at Midtown Quarter,
the Largest New Multifamily Construction Project in Sacramento’s Urban Core
SACRAMENTO, CA (MPG) – DeBartolo Development, LLC, and SKK Developments announced today the sale of The Press at Midtown Quarter, a brand new 277-unit luxury multifamily community in Midtown Sacramento. San Rafael, Calif.-based Oakmont Properties acquired the property for approximately $118 million, $428,000 per door.
Located on the site of the former Sacramento Bee parking garage, the 4- and 5-story apartment building sits on the entire city block of 21st and Q Streets and is the largest residential development in Sacramento’s urban core.
“The completion of the Press is an important milestone in the revitalization of Sacramento’s Central City and will cement midtown as a dynamic place to live, work and play,” said Edward Kobel, President and Chief Operating officer of Tampa, Fla.-based DeBartolo Development. “Hundreds of residents will call The Press home and contribute towards moving the economy of Sacramento forward. We are grateful for our partnership with local developer SKK Developments and know that this best-in-class property is in good hands with the new owner, Oakmont Properties.”
Completed in June 2020, The Press includes a mix of 1-, 2- and a few 3-bedroom and townhome unitswith quartz countertops in kitchens and baths, shaker cabinets, matt black plumbing fixtures in select units, frameless shower doors, LED mirrors, built-in closets and Smart Home technology. Amazon Echo Dots, powered by Alexa, accompany built-in speakers and voice-controlled thermostats, lights and fans. Residences range in size from 450 to 1,300 square feet with 8,600 square feet of ground floor commercial space and 310 parking spaces (for visitors and tenants).
Upscale amenities feature two-level collaborative working spaces, state-of-art fitness center with Peloton bikes and an Aktiv Solutions training system, yoga studio, rooftop lounge, pet spa and run area, bike lounge, Amazon package lockers, car wash and car charging stations. Additionally, the property has one acre of outdoor community space with a resort-style pool, garden, bocce court, outdoor cooking with gas BBQ grills and pizza ovens, fire tables with lounge seating.
The development, which is within a 1-mile radius of more than 120 restaurants and bars, over 20 coffee shops and five large grocery stores, was recently named the 2020 Project of the Year by the Sacramento Business Journal.
“We’re very pleased with the sale of The Press to another local stakeholder, Oakmont Properties,” said Sotiris Kolokotronis, President of Sacramento-based SKK Developments. “Through repurposing a former block of underutilized parking into a vibrant community for over 400 residents, The Press embodies the continued evolution of Midtown as a thriving urban center. We are proud to have been part of the development team that brought forth this project; we thank DeBartolo Development for believing in Sacramento and realizing a first of its kind project for our region.”
The Press, whose name pays homage to the McClatchy Company’s (owners of the Sacramento Bee) long-term commitment and contribution to the Midtown Quarter, was designed by C2K Architecture, Inc. The design combines an urban warehouse concept with a brick façade that honors the historical uses in the nearby R Street Corridor and the building’s high-tech metal and clean lines connect Midtown’s modern appeal.
Construction began in August 2018, and Brown Construction, Inc., served as the general contractor.
About DeBartolo Development
DeBartolo Development is one of the largest private real estate investment and development companies in the country, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects throughout the United States. DeBartolo has developed or invested in over 40,000 multifamily units and currently has approximately 2,200 units in its portfolio, including The Eisley, a 405-unit apartment community under construction in Sacramento. For more information about DeBartolo Development, please visit www.debartolodevelopment.com.
About SKK Developments
SKK Developments is a real estate firm that specializes in mixed-use and multi-family development projects in Midtown Sacramento. SKK Developments’ past projects, such as the Fremont Building, 1801 L and L Street Lofts, Q19 and H16 Apartments have played an integral role in placemaking and often been earmarked as catalysts for the revitalization of Midtown Sacramento. Currently SKK Developments has nearly 700 units under construction within Sacramento’s urban core and an additional 1,000 units in the planning and entitlements process. For more information please visit www.skkdevelopments.com.