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BUYER: Northland Ashlar LLC (Northland/Redwood JV LLC), Newtown, Mass.
SELLER: Ashlar Estancia Apartments LLC
PROPERTY: 13001-1350 Corbel Circle, Fort Myers
PRICE: $45.7 million
PREVIOUS PRICE: $66 million, October 2005
TITLE FIRM ON DEED: Warranty Title Solutions LLC, Fort Myers
PLANS, DESCRIPTION: A joint venture of Northland Investment Corp. and Redwood Investments LLC purchased the 428-unit Ashlar Apartment Homes for $45.7 million.
The price equated to $106,776 per unit.
The community features 104 one-bedroom, 244 two-bedroom and 80 three-bedroom units.
The Ashlar Apartment Homes' amenities include a swimming pool, lakefront beach area, children's playground, health club, clubhouse and a business lounge. The property also offers attached and detached garages, tennis courts and a basketball court.
The 497,190-square-foot gated development was built in 2000 and was 95% occupied when it was being marketed.
Calls to Northwood Investment for comment were not returned prior to deadline.
An affiliate of Rockville, Md.-based CAPREIT, Ashlar Estancia Apartments LLC, acquired the property in May of 2007 for a remaining mortgage balance of $46.9 million.
The purchase entity Northland Ashlar LLC mortgaged the property to CBRE Capital Markets Inc. for $34.28 million.
Founded in 1970, Northland Investment Corp. is a real estate investment firm specializing in commercial, retail, industrial, multifamily, mixed-use and hospitality real estate. It holds a $2 billion portfolio with 18.5 million square feet of space.
The nine-person Redwood Investments LLC manages U.S. equity investment portfolios.
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