Chicago-based Moran & Co. was the exclusive listing agent.David Martin, partner in charge of the firm's Mountain Statesoffice, represented Fairfield Residential in the sale.

"The purchase of Echo Ridge represented a chance to obtain aclass A asset at a price below replacement costs," Martin says."Further, with a strengthening job market and a limited amount ofnew apartment product being delivered in this affluent submarket,Echo Ridge offers a great amount of asset return potential." Martinadds Echo Ridge was offered "free and clear" of any financing,allowing Echo Ridge Holdings to maximize its returns.

Echo Ridge's 340 units range in size from 715 sf to 1,320 sf andinclude one-bedroom/one-bath, two-bedroom/two-bath andthree-bedroom/two-bath units. The community is on 19 acres andcontains a density ratio of 17.9 units per acre. Echo Ridge alsocontains 652 total parking spaces, including 60 direct-accessgarages and 42 detached garages, for a parking ratio ofapproximately 1.9 to 1.