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SACRAMENTO, CALIF. — Graceada Partners has purchased Westlake Apartments, a multifamily property located at 1 Shoal Court in Sacramento’s Pocket neighborhood. An undisclosed seller sold the 148-unit asset for $23.5 million, or $159,000 per unit.
Graceada Partners plans to extensively renovate and modernize the 140,000-square-foot property, including $12,000 in per-unit renovations. The owner estimates it will be able to charge an additional $250 per unit per month following the project.