San Rafael-based EAH Housing acquired the approximately 1.27-acre site at 1901 Broadway from Sutter Capital Group. EAH plans to develop a new 140-unit affordable housing project in two buildings on the site after receiving design review approval from the city in August.
Currently housing a 28,415-square-foot vacant office building, the property sold for $5.6 million, equating to a price of $40,000 per multifamily unit based on EAH’s development plans. Jason Parr and Scott MacDonald with Cushman & Wakefield’s Northern California Multifamily Advisory Group represented the seller in the transaction.
1901 Broadway represents a premier light rail adjacent multifamily development site in Sacramento’s urban core,” said Jason Parr, Executive Director. “The property’s location in the heart of the Broadway Corridor and adjacent to the thriving Midtown and Downtown submarkets provides future residents instant access to the live-work-play offerings that have transformed Sacramento into California’s fastest growing major city.”
EAH’s approved plans will consist of 140 studio, one-, two- and three-bedroom apartment units. The project would be a permanently affordable development, accommodating a tier of renters earning in the range of 30% to 80% of the area’s average median income. Reportedly, EAH is working on raising funds for the new development, and that construction could potentially begin in late 2021.