(Read more on the multifamily market.)
MUKILTEO, WA-Pacific Property Co. has acquired a 294-unitapartment complex here for $47 million or about $160,000 per unit.The complex, known as On the Green at Harbor Pointe, fronts theHarbour Pointe Golf Club.
The seller, Legacy Partners acquired the property as a 558-unitcomplex in 2006 for $69 million, or $123,650 per unit, inpartnership with GMAC Institutional Advisors. The duo thenconverted the 264-unit second phase of the development tocondominiums that it is now in the process of selling under thename Front 9. The units are about 50% sold; the gross sell-out isexpected to come in at approximately $55 million.
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