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April 5, 2007

Guardian Management

Guardian Management LLC, a Portland-based real estate investment and management firm specializing in multifamily housing investment and property management, bought the former Park Sheridan Apartments at 14812 Bothell Way in Lake Forest Park. Guardian purchased the 174-unit project in February and renamed it Watercrest. Guardian plans internal and external upgrades costing $5 million. This is Guardian's first acquisition purchased through a $50 million equity fund formed with Morgan Stanley. Guardian plans to buy approximately 2,000 units this year. It now has 13,000 units in its portfolio.




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