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Sale of Santa Lucia Townhouses

Multifamily Property in Salinas Sells for $15 Million
By Samantha Rivera
May 30, 2002 | 7:45 P.M.

The Santa Lucia Townhouses, a 167,496-square-foot multifamily property at 604 Leslie Dr. in Salinas, CA, sold for $15 million, $73,529 per unit or around $90 per square foot. Built in 1974 on 7.5 acres in Monterey County, the building totals 204 units. The unit mix consists of 10 one-bedroom/one-bath and 194 two-bedroom/one-bath townhomes that range in size from 667 to 829 square feet. The monthly rental rates range from $625 to $850. At the time of the sale, the property was approximately 98 percent occupied. George Inskeep and Dean Sandquist of Marcus & Millichap's National Multi Housing Group in San Francisco represented the seller, a family investment partnership based in Alamo, CA, and the buyer, Stockton-based E.J. Williams Co.

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