David Eagle, senior vice president with CB Richard Ellis' localoffice, says the deal was bundled with an eight-unit asset adjacentto the main complex at 5905 Tierra Antigua NE. "Those were themodels separate from the main property," explains Eagle, whonegotiated the transaction between Equity Residential and the SanFrancisco-based buyer.

According to SEC filings, Equity Residential acquired the23-year-old Tierra Antigua and a sister property, the 221-unit Mesadel Oso at 5100 Mesa del Oso Rd. NE in 1996 from Canadian developerGroupe Lepine. Eagle tells GlobeSt.com that Equity Residential putTierra Antigua on the market and is preparing to do the same withthe 221-unit Mesa del Oso within the next week.

"Equity's strategy is to invest more toward the coast," Eaglesays, adding the local assets' holding periods also are coming toan end. Mesa del Oso, built in 1983, is approximately 1.5 milessouthwest of Tierra Antigua.