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Luxury Apartment Community Purchased for $30M

FT. COLLINS, CO-Ohio developers Edward and Herbert Newman and partners acquired the Arbors at Sweetgrass to be managed by the Newmans’ management firm.

By Carrie Rossenfeld | Updated on March 19, 2012

FT. COLLINS, CO-Ohio developers Edward and Herbert Newman and their partners have purchased the Arbors at Sweetgrass, an upscale, luxury apartment community, for $30 million. The property will be managed by the Newmans’ management firm, Summit Management Services, Inc.

Edward Newman, CEO of SMSI, tells GlobeSt.com that the seller was Hamilton Zanze, a privately owned real estate investment company with multiple multifamily properties in the West region. Summit MultiCapital LLC, the acquisition and financing arm of SMSI, and JS MultiCapital Corp. financed the loan, which was a Freddie Mac-capped ARM.

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