The communities include: Bella Vista at Warner Center, a 315-unit community in Woodland Hills, CA, along with a 5.39-acre development parcel; The Savoy at Hampden Town Center, a 444-unit community in Aurora, CO, as well as a 5.6 acre adjacent parcel; Providence, a 200-unit community in Bothell, WA; and The Olympus, a 327-unit community in Seattle, WA. Legacy will continue to manage the properties through June.
Equity declined to provide the cost of the transaction or how much of a stake it actually acquired in each property. According to SEC filings, Equity covered between 25% and 30% of the cost of developing each of the properties. The Olympus cost $89.3 million to develop, according to SEC filings, while the Bella Vista cost $80.9 million, the Savoy cost $44.8 million and Providence cost $24.4 million.
"The intent of the joint venture from the outset was to transfer the ownership of the properties to Equity Residential at some point in time," says Legacy president Dean Henry. "With apartment values being at or near their peak, we believe now is a good time to effect the transfer."
Bella Vista at Warner Center is located at the corner of Oxnard and DeSoto avenues in Woodland Hills, overlooking the Warner Center Business Park. The community features one-, two- and three-bedroom units with patios and balconies, entry foyers and private garages. Resident amenities and services include gated, controlled access, a fitness center, steam and sauna rooms, swimming pools, a clubhouse with, a media game room, and business center with conference area. Bella Vista's first phase is currently 96 percent occupied. The community's second phase is scheduled for release from now through Summer 2004.
The Savoy at Hampden Town Center is comprised of two villages - The LaSalle and the Metropolitan. The LaSalle features distinctive row house-style homes with golf course views. The Metropolitan offers one-, two- and three-bedroom apartment units on 25 acres with mountain views. Each village includes a swimming pool, recreation center, fitness center and business center. The property is 96% occupied.
The Olympus is located at 2801 Western Ave. in Seattle's Belltown district. The community features studio, one, two and three bedroom homes, many with views. Resident services include a 24-hour concierge service, underground accessed parking, resident conference center, and a business center with high-speed Internet access, computer workstations, fax and copier equipment. The community is currently 94% occupied.
Providence, located at 21623 16th Dr. SE, features one-, two- and three-bedroom apartment homes with designer kitchens. The community is 90% occupied.
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