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Carmel Adds $107M of Acquisitions to Portfolio

NORTHERN, VA-The San Francisco-based investor plans to invest an additional $25 million in renovations of the four properties.

By Erika Morphy | Updated on November 10, 2006

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

NORTHERN VA-San Francisco-based private investor Carmel Partners Inc. has invested $106.5 million in three multifamily properties and one mixed-use complex in the Northern Virginia market with an eye to repositioning these in-fill assets. The firm did not disclose the sellers of the four individual transactions but did say it plans to invest close to $25 million renovating the properties, the newest of which was built in 1976, according to a company release.

The complexes, the Summit Apartments, in Alexandria; the Chesterfield Apartments, in Arlington; and Windsor Towers and Stratford Towers, also in Arlington, were purchased by Carmel Partners Investment Fund II LP.

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