Walton Street Capital Provides $94M for Sacramento-Area Multifamily Buy

Bascom Group and Oaktree Capital Management have secured $94 million to finance their acquisition of The Strand, a 408-unit apartment complex in West Sacramento, Calif., Commercial Observer has learned. 

Walton Street Capital sourced the loan, while Berkadia San Francisco’s Clay Akiwenzie and Hank Workman arranged the deal on behalf of the joint venture partners. 

In a statement, Workman described the financing as a “highly competitive debt process,” and praised both the quality of The Strand and “the strength” of the joint venture purchasing partners. 

Bascom Group and Oaktree bought The Strand from MBK Rental for $126 million, including equity, making the acquisition the third-largest multifamily deal in the Sacramento area’s history. 

The deal closed Jan. 24, according to Berkadia. 

Berkadia San Francisco’s Jason Parr, Scott MacDonald, Kaohu Berg-Hee and John Hansen as well as Berkadia Irvine’s Brett Betzle represented MBK in the deal. 

Parr said in a statement that The Strand’s “exceptional design and prime location” drew attention from a deep pool of investors and added that the building benefits from “strong in-place income, affluent tenant demographics, and potential for continued rent growth.” 

Located at 500 Douglas Street in the urban core of West Sacramento — not far from the Sacramento River and green spaces like Riverbend Nature Area — The Strand opened in 2022. It features 39 three-story buildings holding one- to three-bedroom apartments.

Sitting on 17 acres and spanning over 400 units, The Strand is the third-largest property built in the Sacramento region since 2020. The complex includes resort-style pools; outdoor clubhouses and lounges; fire pits and grills; a spa; a fitness center; a dog park and groomer; and electric vehicle charging stations. 

Brian Pascus can be reached at bpascus@commercialobserver.com