As seen in Globest.com

Medici Apartments Sell for $33M
By Brian K. Miller
August 30, 2006

SACRAMENTO-A partnership that includes Fairfield Residential has sold the Medici Apartment Homes here for $33 million. The 216-unit garden-style property along Interstate 5 in North Natomas, a sought-after submarket. The new owner is an undisclosed Sacramento-area private investor.

The community consists of large one-, two- and three-bedroom units averaging 933 sf. Each unit is equipped with a full-size washer and dryer, GE appliances and walk-in closets. Common area amenities include a fitness center, detached garages, a clubroom, picnic areas and a resort-style pool and spa.

Arroyo & Coates Apartment Marketing Group has the disposition assignment and procured the buyer. The listing brokers were company partner Curtis Gardner and SVP Mark Leary. Gardner says the sale price reflects the property’s location and quality as well as local barriers to entry and higher than average asking rents. The buyer’s brokers were Arroyo chief executive Pedro Arroyo, sales associate Jaime Clifford and senior sales associate David Silver.