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SEATTLE-The Pinnacle Family of Cos. has purchased Shorewood Heights, a multifamily community comprised of 645 apartment homes located on Mercer Island, WA. Pinnacle sources cannot release the identity of the purchase price or seller due to a confidentiality agreement, except to say that the seller goes by Shorewood Heights Apts LLC of Des Moines, IA. However, an unidentified source not involved in the deal tells GlobeSt.com that it changed hands for approximately $110 million.

The source points out that the property, located at 3209 Shorewood Dr., was previously sold in December 2005 at a price of $141.3 million. The unidentified source also tells GlobeSt.com that the seller is a JV between Security Properties Inc. and Principal Global Investors.

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