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, LiveattheMontage.com.
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.