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LAS VEGAS-In an off-market transaction, local developer KenTempleton has sold a 2,219-unit senior living apartment portfoliohere for about $239 million, or approximately $154 per sf (netrentable), making it one of the largest multifamily transactions inNevada. The units are spread among nine properties locatedthroughout Clark County. The Carefree Senior Living portfolio, asit's known, is 95% leased. The new owner is a partnership of OrionResidential and a fund of Starwood Capital Group.

Orion principal Scott Knauer, the company's chief investmentofficer, tells GlobeSt.com that Starwood Capital Group, which ownsa piece of Orion, invested in the portfolio through its seventhopportunity fund. He describes the portfolio and "core, core-plus"and says he hopes to add some value by way of its propertymanagement partner, Seattle-based Leisure Care. Heretofore, theproperties were self-managed by Templeton.