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March 27, 2003

Two Kent apartment deals

John Werner sold the 177-unit Meridian Ridge Apartments in Kent for $7.7 million to Milestone Development. Broker Dave Schumacher of Columbia Partners LLC represented both parties. Part of the purchase by Milestone was by way of a trade property, while Werner's Meridian Ridge LLC traded into the 216-unit Lake Fenwick Estates, also in Kent.

Meridian Ridge LLC bought Lake Fenwick Estates from D. Shafran Investments Ltd., with Schumacher brokering that deal, too. Werner will upgrade Lake Fenwick Estates, Schumacher said.




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