Ashlar Apartments sells for $45.7 million

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.