
New Residential Project Planned Near 65th And Folsom In Sacramento
Source: Sacramento Business Journal
Brokers: Ken Turton , Jack Scurfield
A request with the city of Sacramento suggests a development is in the early stages for a prominent intersection near California State University Sacramento.
The city’s building department has received a request to test water hydrants near 6531 Folsom Blvd., in anticipation of proposing a five-story residential building at that address, near where 65th Street meets Folsom Boulevard.
Records show Bains Property Inc., with an address in Ketchikan, Alaska, bought the property in early May for $1.2 million. There was no contact information for the buyer. The sale closed about two weeks before the water test request was submitted to the city.
Turton Commercial Real Estate broker Jack Scurfield, who worked on the seller’s side for the deal, said the new owner might pursue a project down the road, but not imminently.
“I know they bought it as a covered land play,” he said, adding the plan for now will be to find a new tenant for the existing 5,000-square-foot building on the property. “They may entitle it and eventually go ground up about five stories.”
There’s no information on who submitted the request for a water test, and the city doesn’t have any application on file to redevelop 6531 Folsom Blvd., which is about a third of an acre.
Turton Commercial’s online brochure for the property mentioned that going vertical would be an option for a new owner.
“Aside from the opportunities presented in the existing 4,960 SF building, the site also lends itself well as a mixed-use development play with flexible Residential Mixed-Use zoning in place,” Turton’s listing on LoopNet for the property states. “Preliminary conversations with the City indicate a project of up to four stories is feasible, with ground floor retail and residential units (potentially student housing) above.”
Scurfield, a director, and Ken Turton represented the seller on the sale. Patrick Stelmach of CBRE represented the buyer.
Turton’s listing notes the property’s location in a redeveloping area of Sacramento near Sac State and a light-rail stop. To the north of 6531 Folsom Blvd., a 90-unit student housing project called Academy 65 opened about five years ago, intended for Sac State students.
Across Folsom Boulevard, Wexler on 65th opened in fall 2022 with 223 units, also aimed at university students.
Other housing projects have been proposed in or near the intersection of 65th and Folsom in recent years, though the flow of proposals slackened noticeably during the Covid-19 pandemic and subsequent rises in interest rates.