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August 12, 2004

Fowler Property Acquisitions

Fowler Property Acquisitions has acquired the 264-unit Northcreek Apartments in Everett from Equity Residential Property Trust. Fowler bought the 18-year-old property, which was renovated in 2002, for $16.1 million, or $60,985 per unit. This represents a 6.6 percent cap rate on 80 percent collections and a significant discount to replacement cost, say Fowler officials. They plan modest upgrades. Fowler owns and operates approximately 15,000 units in western markets and is seeking to invest more than $250 million this year. Broker Dave Schumacher of Columbia Partners represented both parties on the Northcreek deal.




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