(To read more on the multifamily and TIC markets,click here.)
IRVINE, CA-Real Estate Partners has sold a multifamily portfolioof eight properties totaling approximately 2,400 units in NorthCarolina and Virginia to Core Realty Holdings LLC of Newport Beachfor $166 million. Tom Thompson, president of Real Estate Partners,says that although his company has already realized an "outstandingreturn" on the portfolio, the properties hold the potential forupside for Core Realty and its tenant-in-common investors.
Real Estate Partners bought the portfolio in December 2003 in avalue-added play that involved upgrades to the properties, improvedmanagement and a new leasing program. The upside for the new ownerswill come from the good locations of the properties and the"increasing rental demand in these markets," according toThompson.
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