(Read more on the multifamily market.)
ST. LOUIS-The 388-unit Heritage Estates apartment complex hastraded hands between a limited partnership to a limited liabilitycorporation. Heritage Estates I LP and Heritage Estates AssociatesPhase II recently sold the property to Heritage Equities LLP for$18.7 million. The property is 95% occupied.
Ken Aston, a partner at Hendricks & Partners, negotiated thetransaction. He says the owners had sold the property after theydeveloped it in 1980 to CRI, based in Rockville, MD, but bought itback in 1997. "The partnership is winding down, they decided theywanted to get rid of this property," he says.
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