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April 28, 2005

Orion Residential

Orion Residential LLC, a national multifamily investment company with an office in Bellevue, and Starwood Capital Group have acquired and will convert to condos Summit Square Apartments, a 19-year-old, 366-unit property in Oakton, Va., outside Washington, D.C. The price was not disclosed. Orion owns and operates more than 3,475 apartment units around the nation. The company plans to do condo-conversions in select markets while continuing to build its portfolio, said Orion President and CEO Brian Ward. Dan Gumbiner, an Orion principal, and Chris Graham, vice president of acquisitions with Starwood Capital Group, represented their organizations in the transaction. Graham said Starwood, a Connecticut-based real estate investment firm, will continue working with Orion to acquire properties.




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