(To read more on the multifamily market, click here.)

SAGINAW, MI-Woodlark Capital LLC, based in White Plains, NY, has purchased Castle Way Apartments here for $12.3 million. The 20-building complex is 96 percent occupied, and will be used as a tenant-in-common investment property, said the company in a statement. The seller was not disclosed, and Woodlark officials could not be reached for comment.

The 224-units were built in 1986 on 15 acres. Amenities include two lighted tennis courts, an outdoor swimming pool and a health club, along with indoor features such as washers and dryers in each unit, private entrances and garages. Rental rates run from $599 for a one-bedroom unit to $759 for a two-bedroom unit.

Castle Way is the fourth complex purchased this year by Woodlark. Including the Saginaw apartments, Woodlark has spent $54.3 million to buy Las Ventanas Apartments in Alamogordo, NM; Forest Oaks Apartments in Muncie, IN and Woodstone Apartments in Valdosta, GA since Jan. 1. The company’s full portfolio is worth $152.7 million.

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