Occupying 14.5 acres are 600 NW 158th Ave., near Willow CreekNature Park, the 279-unit Waterhouse Place Apartments opened in1989. Guardian's upgrade plan for the units includes new carpetsand floors, new countertops and cabinet faces, updated hardware andfresh paint. Its upgrade plan for the exterior includeslandscaping, a resurfaced spa, new patio doors and parking andclubhouse upgrades.

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Guardian owns and manages more than 130 apartment properties inseven states. In July, the company expanded into commercialbrokerage in a big way by acquiring the franchise rights for theSperry Van Ness brand in Southern California, Arizona and Oregon.The deal includes eight previously corporate-run offices.

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Guardian owner Tom Brenneke told GlobeSt.com the acquisition ispart of his plan to diversify the company's operations. He declinedto disclose the terms of the transaction, which includes sevenoffices in SoCal and one in Phoenix that are operating with 190brokers.

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Brenneke started at Guardian management 25 years ago and boughtit in 2001. It was at that point that the company began acquiringproperties in addition to managing them for third parties. Brennekealso began partnering with wealthy individuals and institutions,playing the part of the expertise partner by taking a minoritystake and acting as the fee manager. The 400-person company nowinvests on behalf of it and 100 high-net-worth individuals, as wellas five institutional investors. Its portfolio totals nearly 12,000apartments units valued at $600 million, of which it owns about50%.

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"Basically right now we are all multifamily from a propertymanagement standpoint, but with this we will be expanding intocommercial," he says. "We've got the property managementinfrastructure already in place, including the software, andcommercial property management is frankly a whole lot more straightforward than residential. We will add more leasing talent… ."

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