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By Mike Hazlip—
The 410-unit Autumn Ridge Apartments near Greenback Lane and Auburn Boulevard has been sold for $120 million to global property investment firm Kennedy Wilson, according to the Sacramento Business Journal.
A website for Autumn Ridge shows one and two-bedroom units are available for a monthly rent, ranging from just over $1,000 to more than $1,700. The community, located at 6011 Shadow Ln., offers three pools, a racquet ball court, clubhouse, and fitness center, among several other amenities.
The cost-per-unit of the purchase equals a little over $292,000, by far the highest of any other recent apartment sales in Citrus Heights. Earlier this year, The Woods 124-unit apartment complex near Stones Casino sold for $25 million, or just over $200,000 per unit. Prior to that, Montage Apartments sold in 2016 at a price equaling just over $116,000 per unit.
Kennedy Wilson’s latest acquisition is the second recent purchase in the area for the investment company, which has global headquarters in Beverly Hills. The company’s president, Mary Ricks, told The Journal she is confident the property will see significant growth due to its central location and market demand.
Kennedy Wilson’s previous acquisition in the region was The Eisley at 1567 Bartlett Ln. in Sacramento, for $112.8 million in late June. The company now operates over 800 residential units between the two properties, Ricks told The Journal.
The investment company made the acquisition using its “Fund VI,” a private equity fund aimed at under-performing real estate in the Western United States, the Journal reported. Kennedy Wilson describes the fund as having a “[F]ocus on under-performing real estate that should benefit from a significant repositioning or renovation through Kennedy Wilson’s proven asset management program.”
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