(To read more on the multifamily market, click here.)
SAGINAW, MI-Woodlark Capital LLC, based in White Plains, NY, haspurchased Castle Way Apartments here for $12.3 million. The20-building complex is 96 percent occupied, and will be used as atenant-in-common investment property, said the company in astatement. The seller was not disclosed, and Woodlark officialscould not be reached for comment.
The 224-units were built in 1986 on 15 acres. Amenities includetwo lighted tennis courts, an outdoor swimming pool and a healthclub, along with indoor features such as washers and dryers in eachunit, private entrances and garages. Rental rates run from $599 fora one-bedroom unit to $759 for a two-bedroom unit.
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