Ten of the assets are in five Southeastern states. Related wouldn't disclose the total number of units, the aggregate square footage in the portfolio or the names of the buyers.
"We've successfully fulfilled the goals and requirements of these early funds which served as a template for many of our future investment funds," Alan Hirmes, Related's senior managing director, asset disposition group, says in a prepared statement.
The properties were sold from three investment funds--Cambridge & Related Housing Properties LP; Cambridge Advantaged Properties LP; and Cambridge Advantaged Properties II LP.
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