Lyon Oak Creek, a Newport Beach-based investment group, bought the Fairways Apartments from Sequoia Equities Fairways, in a deal that brokers say holds one of the highest price tags seen for apartment complexes in the Sacramento region.
The apartment complex sits on 26 acres on Fair Oaks Boulevard near the Sunrise Golf Course. The property, which was built in the late 1980's and refurbished in 2000, is 95% leased. The extensive refurbishing project took care of most of the property's toxic mold problems, according to sources.
Ken Blomsterberg and Stanford Jones of Marcus & Millichap represented Sequoia Equities Fairways and Lyon Oak Creek.
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