In February, Kawamoto issued eviction notices, which gave renters 30 days to move, saying that he wanted to sell the homes to raise money for a new investment. Many of the renters had lived in the housing complex since it was built in 1991. Tenants complained that they had developed a community within the complex, and had strong ties to schools and families in the area.
The renters protested and Gov. Gray Davis intercepted the eviction, giving renters 90 days to leave. Kawamoto also agreed to repair furnaces, fix water problems and bring the houses into compliance with building codes.
RM Stonypoint Investments, the partnership created by Pacific Cos. to buy the houses, bought all 149 homes for $34 million. Pacifica Cos., which owns hotels, apartments and subdivisions all over the state, will give the 30 remaining renters, who have been faced with eviction, the opportunity to buy or continue to rent their homes. The sale price for the home will range from $250,000 to $350,000.Pacifica has not expressed interest in Kawamoto's Sacramento complex.
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