(Read more on the multifamily market.)

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WICHITA, KS-The New York City-based Dermot Cos. is exiting theMidwest by putting up for sale its sole holdings in the region, asix-apartment portfolio of about 1,277 units here. The company isasking $50.4 million, or about $39,507 per unit.

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The six communities include Village Park at Barclay Square,Cedarbrooke, Eastborough, Kingsborough, Rockborough and Woodgate,all in Wichita. The properties range in age from 1966 to 1978, andhave an average size of 893 sf. The portfolio is about 91%occupied, according to Apartment Realty Advisors, which is beingjoined by Commercial Realty Resources Co. on the sale.

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Mac Crowther with Apartment Realty tells GlobeSt.com thatcharacterizing the Midwest as in a slump is inaccurate. "TheMidwest is as predictable, as stable as you can get, not like thecoasts," Crowther says. "Wichita is a good market."

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Rather, he says Dermot, which concentrates its holdings on thecoasts, is just leaving the property at the right time. "Theytypically hold assets five to seven years, and that's what'soccurred here. They're well positioned assets, and there's beenquite a bit of interest. A portfolio creates a lot of attention, asopposed to a small or large single deal that has many steps, thisyou spend the same amount of time, and it's better well spent,"Dermot says. However, the portfolio can be divided and purchasedseparately, he says.

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