SAN DIEGO--(BUSINESS WIRE)--CONAM Strategic Investments Fund IV LP, a discretionary fund sponsored by The CONAM Group (CONAM), is pleased to announce the purchase of EVIVA Midtown, a 118-unit Class A multi-family community with 5,639 SF of retail in Sacramento, California. This property adds to CONAM’s portfolio within Sacramento and is the latest acquisition in Fund IV.
Completed in 2016, Eviva Midtown features a six-story building over a podium deck parking structure including ground level retail spaces, providing convenient access for the residents. Eviva Midtown offers residents a parking ratio of over one space per unit which is greater than most comparable assets in the market. Community amenities include an enclosed parking garage, bicycle storage, 24-hr fitness center, community lounge, and courtyard with a BBQ and fire pit. The units feature quartz countertops throughout, luxury vinyl plank flooring, in-unit washer and dryers, and high ceilings with recessed lighting. The property is a certified Cal-Green Modular Building and as a result, the units benefit from double insulation, providing better sound proofing and temperature retention. The superior construction quality, sound attenuation, ample parking and modern design of EVIVA Midtown ensures a strong competitive advantage.
“CONAM has been focused on finding high quality assets at an attractive cost basis. We are pleased with the acquisition of Eviva Midtown as an accretive deal to Fund IV as it complements our investment strategy and our approximately 5300 units that we operate in the Sacramento market,” says Robin Elihu, CONAM’s Western US Acquisitions Director. “Eviva Midtown is a best-in-class asset with walkability to Sacramento’s best restaurants, bars, cafes, and breweries. It offers residents a phenomenal live, work, play environment in an unmatched location.”
Located within one of the urban core's most convenient and dynamic neighborhoods with proximity to the area’s most popular establishments, Eviva Midtown has earned a nearly perfect Walk Score of 99 and a Bike Score of 97. Eviva Midtown has immediate access to Downtown Sacramento’s 10 million+ square feet of office space and is walkable to the State Capitol Building, Capitol Mall, and the Golden 1 Center, home to the NBA’s Sacramento Kings.
As one of the fastest growing metro areas in California, Sacramento is attracting a multitude of residents from the Bay Area and other major U.S. urban locations with a high quality of life, affordability and focus on growth industries such as technology and clean energy. Sacramento is recognized for its high concentration of top paying jobs within the Healthcare and Financial industries.
CONAM continues to evaluate opportunities that align with our investment strategy in Fund IV. We are active buyers within the market and are excited to continue to grow the portfolio nationally.
In addition to this acquisition, on August 22, 2024, CONAM sold Sheridan Park a 300-unit garden-style apartment community in Plano, Texas. This is the first disposition out of CONAM’s Fund II, a value-add fund that CONAM deployed in 2017. CONAM acquired Sheridan Park on August 11, 2017, and executed on a value-add strategy including a full unit interior renovation, roof replacement, exterior paint, updated landscaping, enhanced lighting, the addition of a new controlled access gate system, clubhouse improvements, pool equipment and resurfacing, as well was the addition of parcel lockers to the asset. The sale of Sheridan Park generated accretive returns for Fund II.
ABOUT THE CONAM GROUP
Founded in 1975, The CONAM Group (CONAM) is a multi-disciplined real estate investment and services firm based in San Diego, California. With over four decades of experience and trusted results, it is recognized as one of the nation’s most astute multifamily companies and has been named to NMHC’s Top 50 Managers List. CONAM's mission is to deliver best-in-class execution in all provided services, which include property management services; property acquisition and due diligence; project development; investment and asset management; and renovation and construction management. The company’s portfolio features over 60,000 units managed and over 500 properties managed, across 26 metropolitan areas in 11 states.
