Homewood apartment complex sold for $17.8 million

A 278-unit apartment complex in west Homewood has sold for $17.8 million. City Heights Homewood, built in 1976, was acquired by a joint venture of Northway Equities and Tamrak Management. Dov Rakower said the group plans exterior and interior upgrades to the property. Andrew Brown and Jimmy Adams of Cushman & Wakefield represented the seller, SB Pacific Group, in the deal.Brown said the group plans a new clubhouse with fitness center, recreation room, a second pool and playground. “New ownership was attracted to the submarket and price per unit,” Brown said. “Further plans include renovatingall unit interiors to provide for some of the nicest finishes in the submarket.”

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