Lyon Oak Creek LLC purchased The Fairways Apartments, a 636-unit apartment complex located at 12801 Fair Oaks Blvd. in Citrus Heights, CA. The property sold for $42.5 million, or $66,823 per unit, with an 8.55 percent cap rate. The property totals 475,352 square feet on 26.4 acres and features one and two-bedroom units. Other amenities include putting greens, racquetball and sand volleyball courts, golf course views, two gyms, three pools and three spas. The buyers plan to rename the complex Oak Creek Apartments. Stan Jones of Marcus & Millichap in Palo Alto represented both the buyer and the seller, Sequoia Equities. By: Carolyn Mitchell & Shawn Kelson (12/17/02)