Ten of the assets are in five Southeastern states. Related wouldn't disclose the total number of units, the aggregate square footage in the portfolio or the names of the buyers.
"We've successfully fulfilled the goals and requirements of these early funds which served as a template for many of our future investment funds," Alan Hirmes, Related's senior managing director, asset disposition group, says in a prepared statement.
The properties were sold from three investment funds--Cambridge & Related Housing Properties LP; Cambridge Advantaged Properties LP; and Cambridge Advantaged Properties II LP.
Related has held the apartment properties since the early 1980s. "Few firms in the real estate industry can boast the skills and longevity with which we have managed these funds," Hirmes says.
The Southeast properties are in Birmingham, Mobile, Montgomery and Oxford, AL; Jacksonville and Fort Meyers, FL; Waycross, GA; Nashville, TN; and Roanoke and Newport News, VA.
Other properties are in Little Rock, Pine Bluff, Malverne, Monticello, Crossett and Siloam Springs, AR; Citrus Heights and Orange, CA; Seymour, Vincennes and Washington, IN; Wichita and Lenexa, KS; South Dartmouth, MA; Muskegon, MI; Lawton and Midwest City, OK; Beaverton, OR; Waxahachie, Denton, Brownwood and Houston, TX; and Brattleboro, VT.
Related manages $5 billion in tax-advantaged funds for institutional and retail investors.
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