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Apartment Property Sells for $34M

HAMPTON, VA-Berkshire Income Realty takes the 282-unit apartment property off the hands of Lake Ridge Apartments LLC for $34.4 million in cash. The property is located off Interstate 64 at the entrance to the Hampton Roads region.

By Barbra Murray | Updated on July 08, 2005

(To read more on the multifamily market, click here.)

HAMPTON, VA-Boston’s Berkshire Income Realty Inc. has acquired the Lake Ridge Apartments in a deal valued at nearly $34.4 million. In exchange for the fee simple interest in the 282-unit multifamily community, Berkshire turned over the funds in an all-cash transaction to previous owner Lake Ridge Apartments LLC. The money was held in escrow until a section 1031 tax deferred exchange closed.

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