Midtown Sacramento’s apartment market just set a fresh benchmark, with Oakmont Properties paying $34.5 million for 16 Powerhouse, a six-story, 73-unit mixed-use building at 1606 P Street. The trade ranks as one of the priciest per-door deals the local market has seen in recent years.
Deal Teams And Terms
According to ConnectCRE, CBRE brokered the $34.5 million sale and lined up the acquisition financing for Oakmont. On a per-unit basis, that shakes out to roughly $473,000 for each of the 73 apartments.
Marc Ross, Joe McNamara and Clarie Holt of CBRE represented the seller, Demmon Partners. On the capital markets side, Andrew Behrens and Jesse Weber of CBRE Capital Markets sourced and secured the loan on behalf of Oakmont Properties.
About 16 Powerhouse
The property, across from Fremont Park in Midtown, was built in 2015 and features mostly one- and two-bedroom floor plans among its roughly 73 units, per Apartments.com. Demmon Partners’ corporate timeline lists 16 Powerhouse as part of its portfolio and notes an expansion that added units in recent years, with the sale itself recorded among the firm’s 2026 milestones.
Why Investors Are Paying Up
ConnectCRE reports that CBRE is pegging the deal as the highest price per unit achieved in the Sacramento area in the last four years, a sign that investors are still willing to pay a premium for centrally located, well-renovated midrise product.
Ross, who heads CBRE’s Sacramento multifamily team and has helped set several local pricing benchmarks over the years, called 16 Powerhouse “among the most competitive multifamily assets in the Sacramento market.” For more on Ross’ background, see CBRE.
Buyer Background
Oakmont Properties has been an active owner-operator in the Sacramento region, trading in and out of larger multifamily communities in recent years, according to industry reporting from REBusinessOnline. Many of those transactions have featured CBRE on either the sales side or the financing side, hinting at a repeat-play strategy in the metro…