The $181 million portfolio includes 24 apartment communities totaling 6,868 apartment units, located across the U.S. in major metropolitan markets of Atlanta, Dallas, Houston, Miami, San Francisco, Sacramento, Tampa, Birmingham and others.
The deal, nine months in the making, was brokered by Herb Chase, Curtis Palmer and John Brown, all senior vice presidents with Grubb & Ellis Co.
Last month, Fifteen Group LLC, a nine-year-old, low-profile investment firm, bought out its partners in a recapitalization deal valued at $340 million.
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