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Citrus Heights apartment community sells for $74 million

Montage Apartments, Citrus Heights
The 28.7-acre Montage Apartments in Citrus Heights is located on Fair Oaks Boulevard. // Image credit: Google.

The 28-acre Montage Apartment community in Citrus Heights has been sold to a southern California-based investor group for $74 million.

According to a news release this week from the investment sales group Marcus & Millichap, the sale was arranged by its Investment Property Advisors division. The sales price for the 636-unit property averages to just over $116,000 per apartment.

The Montage Apartments are described as a “garden-style multifamily community,” located in Citrus Heights with a gated entrance at 12801 Fair Oaks Boulevard. Photos of large pools, palm trees, and manicured landscaping accompany descriptive terms like “resort style living” on the apartment’s website,

The website lists 1-2 bedroom floor plans ranging from 600 to 900 square feet in size, with rent prices between $1,020 and $1,375 per month.

The apartment’s prior owners, FPA Multifamily LLC, invested over $7 million into the apartments, according to Marcus & Millichap. Upgrades included “systematic unit interior renovations” on 500 of the units, as well as beautification efforts.

The Montage buyer, JRK Investors Inc., also purchased an apartment complex in Florida for $55 million in 2011, according to the Jacksonville Business Journal.

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