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Highland Creste Apartments Fetch $18M

KENT, WA-Equity Residential Properties Trust of Chicago sells the 198-unit development at a 5.25% cap rate to a partnership set up by Eduardo Cerna of San Jose.

By Brian K. Miller | Updated on December 28, 2005

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

KENT, WA-Equity Residential Properties Trust has sold the Highland Creste Apartments here for $18 million. The publicly traded apartment REIT out of Chicago owned the 198-unit property for about eight years and carried it on its books at $10.4 million.

The 18-building complex sits on 8.72 acres at 109823 SE 240th Pl. Units average 910 sf and the going rental rate is $0.97 per sf per month for one-bedroom units and about $0.84 center per sf for two-bedroom units.

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