RICHMOND - The 300-unit Residences at Cinco Ranch have been sold. The 519,627-sf apartment community consists of one-, two- and three-bedroom units in 13 buildings. The complex was built in 2008.
Apartment features include a central clubhouse, 24-hour athletic club, remote controlled entry access, business and conference center, coffee bar and pool with cabana.
The Michelson Organization sold the property to Starlight Investments' U.S. Multifamily No. 3 Core Fund (The Fund). The Fund secured a first mortgage loan of $23.9 million.
Alliance Residential Co. will manage the complex.
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