JMA Ventures LLC | First sale of Kimpton Sawyer condo closes for $4.1 million
2383
post-template-default,single,single-post,postid-2383,single-format-standard,ajax_fade,page_not_loaded,,select-child-theme-ver-1.0.0,select-theme-ver-3.6,wpb-js-composer js-comp-ver-5.1.1,vc_responsive

First sale of Kimpton Sawyer condo closes for $4.1 million

The first sale of a condominium atop the Kimpton Sawyer Hotel in downtown Sacramento has closed escrow — for $4.1 million.


Property records show James F. Anderson and Jacquelyn S. Anderson Family Trust purchased one of the top-floor penthouse units, also known as The Residences at the Sawyer. Escrow closed a week ago.


The buyer listed an address at the same location as the condominium itself. No further information on the buyer was available.


In a statement issued by development partner Sacramento Kings, team chief operating officer Matina Kolokotronis said the closing is a milestone in the evolution of downtown Sacramento.


“Our ambitious vision to create a gathering place for people to live, play and stay has come to life and provides an active example for future development in Sacramento,” she said.


Though development partners JMA Ventures LLC and the Kings began marketing the 45 condominiums over a year ago, construction only wrapped up in recent months.


Because the 16-story building at 500 J St. has office and retail space as well as the 250-room Kimpton Sawyer Hotel, it was complicated to create a parcel map for both the commercial and residential areas, according to the team. That was also a factor in closing escrow on the apartments; a formal condominium map for the building wasn’t filed until March, according to property records.


Listing agents have sold 37 of the 45 units, according to the team.


While the exact square footage of the condo sold in the $4.1 million transaction wasn’t available, the penthouses ranged from 1,734 to 3,323 square feet. People familiar with the transaction said the sale likely sets a per-square-foot record in Sacramento for a condominium.


Such a figure also provides the first solid comp in several years for a developer who might be considering a condo development somewhere in the urban grid but needs to find financing to do so.


CONTINUE TO ARTICLE

No Comments

Sorry, the comment form is closed at this time.