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The company has entered into a contract to sell a 210-room San Diego hotel and a 204-room Washington DC hotel, for a sales price that equates to $360,000 per key.
The Nashville, TN-based firm announced the $81 million acquisition and renovation plans for the two apartment communities, situated near Colorado State University.
Rising material costs and supply shortages along with expected increases in mortgage rates are expected to keep a growing number of potentially prospective home buyers in multi-family rentals.