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SACRAMENTO-Downtown Sacramento’s nine-acre Capitol Towers complex was recently acquired by Flanagan Fowler Partners for an estimated $25 million. Flanagan plans to renovate the property, which encompasses about four city blocks.

Brian Kraft of Szabo-Kraft represented both Flanagan and the seller, Capital Tower Trustees. Kraft says the owner decided to sell for estate planning purposes and that both sides were happy with deal.

“It’s an irreplaceable location and an irreplaceable property,” adds Kraft. “Nine acres in Downtown Sacramento is something that hasn’t happened since the settlers came.”

The property, which consists of one 15-story, 203-unit apartment tower, a separate parking structure and approximately 25 smaller apartment buildings, is set in a garden-style environment. The Capitol Tower building’s ground floor is occupied by restaurants and shops.

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