Lewis Apartment is reacting to a strong demand for rental housing. More than 10,000 apartments are planned for the Sacramento area during the next few years, including roughly 4,000 this year. Rents have increased by 12% last year, to an average of $762 a month, according to a Marcus & Millichap report.
Lewis Apartment Communities -- owner of 5,000 apartments, 3.56 million sf of commercial space and more than 9,000 acres of land -- is part of the Lewis Group of Companies, which sold its homebuilding operation to Kaufman and Broad Home Corp. in 1998 for $500 million. Although the company agreed not to compete with Kaufman and Broad for five years, the deal did not include apartment developments.
The North Natomas project will consist of three complexes. One building will be live-work town homes. The others would be small, two-story apartments with the garage on the ground floor. The third building would offer larger units, targeting families.
In the middle of all three complexes would be a large clubhouse offering computer rooms and conference rooms. The clubhouse would include a weight room, a racquetball facility and other health club amenities.
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