The apartment complex sits on 7.3 acres, boasts 30 two-bedroom townhouse units; the remaining 61 units being one- and two-bedroom garden style apartments. On the premises is a basketball and tennis court, fitness center and an indoor swimming pool. Units on average rent at $1,200.
Robinson tells GlobeSt.com that EQR was going through a process of "pruning their portfolio" and divesting some of its older properties and refocusing on newer product. He also points to the sale as another example of a recent trend in private investors making a purchase where previously a lot of institutional investors had been dominating the market.
The community is 96% occupied, according to a statement from Brendan Reilly of Apartment Realty Advisors. ARA's Reilly, Terry Scott and Stephen Ordway brokered the deal, representing EQR-Quail Run.
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