Trust Adds to Pacific Northwest Holdings
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NEWPORT BEACH — Pacific Gulf Properties, a real estate investment trust, said Wednesday that it has acquired a 368-unit apartment building in the Seattle area for $12.5 million.
The acquisition of the Heatherwood complex in Federal Way will be financed with proceeds from the Newport Beach company’s recent sale of four properties in Texas, said Glenn L. Carpenter, president and chief executive officer.
The Heatherwood acquisition will increase Pacific Gulf’s apartment holdings in the Pacific Northwest to 1,835 units.
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