WESTPORT, CT-In one of four major transactions, locally based Westport Capital Partners LLC has partnered with Coastline Capital Partners LLC to acquire the 168-unit Legacy Apartments complex in Avondale, AZ.

Locally based Westport Capital and Hermosa, CA-based Coastline Capital plan to upgrade and improve the multifamily property. The one-, two- and three-bedroom units, housed in 42 separate single-story four-plex buildings, average 950 sf in size. No purchase price was disclosed.

Westport Capital also reports it has entered into a joint venture (the Angeles Group LLC) with Boston Associates to develop affordable for-sale housing in targeted middle and lower income areas within Los Angeles County, CA. To date, the venture has purchased six sites with an additional property under contract, company officials say. The venture will seek to build a high volume of relatively small townhome development projects, containing 10 to 20 units each.

On the financing side, Westport Capital officials say the firm has purchased an existing mezzanine loan on the Harrison a condo-conversion project located in Downtown Portland, OR. The project is comprised of three residential towers and one commercial building. Upon completion, the newly renovated complex will feature 540 units containing 430,000 sf of residential space and 550 parking spaces. The firm did not provide any specifics on the value of the mezzanine loan.

Westport Capital also originated a mezzanine loan to facilitate the construction of 3720 Condominium in Portland, OR, a 30-floor, 323-unit complex located in the South Waterfront District. The project includes approximately 352,000 sf of residential space, 10,000 sf of street level retail space and 319 parking spaces. The development is currently under construction and is expected to be completed by November 2008. No details of the size of the loan were revealed.

Commenting on its latest transactions, Russel S. Bernard, Westport’s managing partner, says, “We continue to see areas of promise in the current real estate market and we believe these four transactions offer unique opportunities for Westport and its partners to add value and generate superior returns for our investors.”

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