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Boston-Based Intercontinental Likes Napa

NAPA, CA—It's difficult to build new product in Napa evidenced by the fact only two market rate apartment properties have been delivered in the past decade, say sources in talking about the Saratoga Downs Apartment sale.

By Natalie Dolce | Updated on February 24, 2015

NAPA, CA—Intercontinental Real Estate Corporation a national real estate investment, development, and management firm headquartered in Boston has acquired Saratoga Downs Apartments in Napa, CA. This acquisition was led by Jessica Levin, director of acquisitions and Allen Logue, associate director of acquisitions.

Intercontinental acquired the property in a joint venture with Seattle-based Security Properties. Intercontinental Real Estate tells GlobeSt.com that the purchase amount was $58.5 million. We have also learned that Seth Siegel and Jason Parr of Cushman & Wakefield were the listing brokers for the property.

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