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Legacy, GMAC Acquire 558-Unit Multifamily Complex for $69M

MUKILTEO, WA-Legacy Partners' Seattle-area SVP tells GlobeSt.com the property here, On The Green At Harbour Pointe, may be partially converted to condominiums, but adds the fundamentals necessary for its future as a strong rental property are shaping up nicely.

By Brian K. Miller | Updated on January 31, 2006

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

MUKILTEO, WA-Legacy Partners has acquired the 558-unit On The Green At Harbour Pointe apartment community here for $69 million ($123,650 per unit). The equity capital for the transaction was provided by GMAC Institutional Advisors. GMAC Commercial Mortgage provided the debt.

Legacy Partners local SVP Kerry Nicholson tells GlobeSt.com the complex will see exterior and unit upgrades and may be partially converted to condominiums, but adds the fundamentals necessary for its future as a strong rental property are shaping up nicely. Legacy also owns the Bella Terra complex within Harbour Pointe.

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