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First Property in 1,768-Unit Portfolio Sells

DURHAM, NC-Pinnacle Ridge, a 350-unit community here, is just the first of five multifamily properties Capri Capital Advisors is selling.

By Melissa Kress | Updated on June 22, 2006

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

DURHAM, NC-Chicago-based Waterton Associates has acquired Pinnacle Ridge from Capri Capital Advisors for an undisclosed sum. The multifamily property is just the first of five that Capri Capital put on the market.

Capri Capital, also based in Chicago, retained EnTrust Realty Advisors, the investment services arm of the Chicago-based Alter Group, to sell the five-property, 1,768-unit portfolio. The Pinnacle Ridge deal with Waterton was the first to close, and EnTrust expects to announce the sale of the remaining properties in the near future, a spokesman for EnTrust tells GlobeSt.com.

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