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Legacy Sells Apartments for $47M

MUKILTEO, WA-After selling off about 45% of the units as condominiums, Legacy sells the remainder to Pacific Property Co.

By Brian K. Miller | Updated on September 10, 2007

(Read more on the multifamily market.)

MUKILTEO, WA-Pacific Property Co. has acquired a 294-unit apartment complex here for $47 million or about $160,000 per unit. The complex, known as On the Green at Harbor Pointe, fronts the Harbour Pointe Golf Club.

The seller, Legacy Partners acquired the property as a 558-unit complex in 2006 for $69 million, or $123,650 per unit, in partnership with GMAC Institutional Advisors. The duo then converted the 264-unit second phase of the development to condominiums that it is now in the process of selling under the name Front 9. The units are about 50% sold; the gross sell-out is expected to come in at approximately $55 million.

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