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BOSTON-In what it calls an “opportunistic” transaction, Lend Lease Real Estate Investments reports it has sold a six-property multifamily portfolio located in four states to an institutional investor for an undisclosed price.

The Boston-based global financial services company announces that the portfolio was sold to The RREEF Funds, which was representing an institutional investor. A representative for Lend Lease refused to disclose the identity of the buyer or the sales price of the portfolio.

The portfolio was structured as a private real estate investment trust and was sold by Lend Lease’s Arch Street Fund I. CB Richard Ellis Inc., brokered the sale of the portfolio for Lend Lease.

The properties included in the sale were The Summit at Paradise Valley in Fairfield, CA, a 180-unit development; the 456 unit The Arbors in Vista, CA; Village at Rancho Bernardo in San Diego, a 368-unit community; Cedar Valley, a 156-unit project in Columbia, MD, Middlesex Crossing, a 252-unit community in Billerica, MA and Carter Lake” a 259-unit development in Reston, VA. All six communities are garden-apartment style developments.

Mike Speidel, principal and portfolio manager for Lend Lease’s Arch Street Funds relates, “This portfolio has been an excellent investment for Arch Street Fund I. We saw this as an opportunistic time to sell the portfolio and realize the significant appreciation achieved through our strategic repositioning of these properties.”

Lend Lease’s Arch Street Fund I is an enhanced return investment fund that is focused on multifamily real estate, according to company officials. The sale was the first property disposition by Lend Lease in some time, according to a company spokesman. In late September, the company acquired Rancho Valencia Apartments, a 39-building, 245-unit garden-apartment complex in Garden Grove, CA on behalf of an institutional investor client. That acquisition was unrelated to the firm’s Arch Street Fund I operations.

Lend Lease Real Estate Investments is a major worldwide real estate investment management firm and is an advisor to US pension funds. The compete has a portfolio of $36 billion in real estate and commercial mortgages under management in the Untied States for institutional and private clients, company officials say.

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