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Lewis Apartment Communities to Spend $175 Mil Building 2,500 Units in State's Capital

SACRAMENTO, CA-The apartment developer will build the units between 2002 and 2007. It already owns 1,000 units in the area. The first project will consist of 449 units in North Natomas.

By Becky Bergman | Updated on March 04, 2001

SACRAMENTO, CA-Lewis Apartment Communities will spend $175 million over the next five years to build 2,500 apartments in the Sacramento area between. The apartment developer already owns 1,000 units in the city. The first expansion project will be 449 units in North Natomas.

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.

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