CONSTRUCTION & DEVELOPMENT
Anthem Properties ’ project The Envoy on J Street between 10th and 11th streets will include groundfloor retail . The six-story apartment building will open early next year . PHOTO COURTESY OF ANTHEM PROPERTIES
“ The redevelopment of the ( Mansion Inn ) site has transformed a formerly abandoned and blighted building into a community which soon will be home to nearly 300 people . The Mansion is bound to become a destination and a beacon of activity for the entire Midtown area .”
Brad Des Jardin President and CEO , DesCor Builders
Construction , says his company is currently building approximately 2,500 living units that he expects to be available for leasing over the next two years . He says Sacramento is “ arguably on top of the list of cities without adequate housing to support its growth ” and has noticed a change in what renters look for .
“ The current renter is less concerned with the size of their apartment and wants more accessible outdoor entertaining space to hang out with their friends ,” he says . “ They appear to spend more time around their living units than in the past and are looking to enjoy a live / work environment .”
Renting will remain popular , says Daniel Kapic , vice president and regional manager at commercial real estate firm Marcus & Millichap , partly because the recent rise in interest rates is increasing the affordability gap for new home purchasers .
“ Rising interest rates are definitely placing people out of the single-family home market , so there continues to be very strong demand for rental units ,” Kapic says . “ Wages have not risen correspondingly , so vacancy rates for multifamily units continue to be one of the lowest in the nation .”
But he does have some good news for renters who have faced daunting rates . “ In the near term , rents will most likely continue to rise slightly but will most likely taper off in time ,” Kapic says .
Ken Smith is a freelance writer , public relations consultant and video producer who is also managing editor of Sierra Sacramento Valley Medicine magazine . More at kdscommunications . com .
78 comstocksmag . com | August 2022