First Capital Real Estate Advisors has acquired a 92 percent indirect ownership interest in Township Nine, a 62.6-acre mixed-use development project in Sacramento, Ca. The plans call for the creation of 2,400 housing units, 840,000 square feet of office space, 150,000 square feet of urban retail and 20 acres of parks and open space. The project is part of the redevelopment of a former rail yard in Sacramento’s River District. A new headquarters for the California Highway Patrol and California Lottery have already been built there, while the location has also been proposed as the site for a new Major League Soccer stadium. First Capital’s invested is appraised at $78 million.
“With central downtown Sacramento to the south and the American River to the north, the T-9 development is poised to have a catalytic effect on downtown Sacramento’s already flourishing housing market and urban lifestyle,” said Steve Goodwin, a California developer and partner in the Township Nine project.
