Sequoia Equities Fairways, a Walnut Creek-based investment partnership, sold the Fairways at 12801 Fair Oaks Blvd. to Lyon Oak Creek of Southern California. Stanford Jones, vice president of investments with Marcus & Millichap Real Estate Investment Brokerage Company¹s Palo Alto office, and Ken Blomsterberg, senior investment associate in the Sacramento office, had the exclusive listing to market the property.

Reflecting Sacramento¹s super-heated market, the sale pencils out to about $66,824 per unit, even higher than the $63,500 average for the area in 2002 -- itself a dramatic increase from 2001.

Vacancy rates are expected to continue to edge up and cap rates will flatten in 2003. But last year was a seller¹s market, with nearly $700 million in volume ‹ and 2003 should continue to be formidable as take profits from a ready supply of willing buyers, according to a CB Richard Ellis market outlook by Charles DeLoney, senior vice president and co-director of the Sacramento Multifamily Property Group.