SEATTLE-Archstone and Equity Residential each recently sold an apartment property in the Puget Sound Region. Archstone sold Harbour Pointe, a 220-unit apartment development in Mukilteo, WA for $41 million. The new owner of the 10-year-old development is American Realty Advisors. Archstone was taken private for $22-billion last year by Tishman Speyer and Lehman Bros., which are now culling the portfolio.

Harbour Pointe is located at the entrance of the Harbour Pointe master-planned community, which features an 18-hole golf course, high tech business park, several upscale residential neighborhoods and three new schools. The property is approximately 95% occupied.

The sale price for Harbour Pointe works out to $186,364 per unit. The unleveraged cap rate, based on in-place numbers, is in the high 4% range, according to the listing broker, Jon Hallgrimson of CB Richard Ellis.

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