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Developers Targeting Rapid Transit Properties

Source: Sacramento Business Journal

Brokers: Ken Turton

Student housing and retail is being planned for one of Sacramento Regional Transit District’s light-rail parking lots. The 65 East project at 65th Street and Folsom Boulevard in Sacramento, with 142 apartments and 8,000 square feet of retail, is one of several redevelopment proposals on RT-owned properties.

According to Devra Selenis, RT’s vice president of communications and partnerships, two other RT-owned lots have purchase agreements with housing developers. Those are at 2200 Cemo Circle in Gold River, where USA Properties Fund Inc. is working on gaining entitlements, and 880-936 Arden Way in Sacramento, where Community Housing Works is hoping to close escrow by the end of June.

USA Properties Fund is a multifamily developer in Roseville known mostly for affordable projects, and Community Housing Works is expected to submit an application for affordable housing on the Arden Way site, Selenis said in an email.

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