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Legends at Preston apartment complex in Morrisville sold for $29.5 million

Equity Residential, one of the nation's biggest real estate investment trusts, has sold another piece of its Triangle portfolio.

The REIT sold Legends at Preston, a 382-unit apartment complex in Morrisville, for $29.5 million to Sherman Residential, a Deerfield, Ill, company that bought The Pointe at Chapel Hill Apartment Homes in April.

The price was 2 percent less than what Equity paid in March 2001.

Legends at Preston was built in 1999. Seven percent of its units were vacant in September, according to data from the Triangle Apartment Association and Karnes Research.

Equity is one of several REITs that have been shedding properties in the Triangle over the last year.

Last month, Equity sold the 292-unit Lenox @ Patterson Place in Durham for just over $20 million, or 11 percent less than REIT paid in February 2006. In July, Equity sold the 374-unit Ashley Park at Brier Creek for $39 million, or 5 percent more than what the REIT paid in March 2005.

Sherman purchased The Pointe, a 240 room complex, for $21.75 million, or 25 percent less than what the seller paid in June 2007 at the peak of the commercial real estate boom. The company also owns The Parc at University Tower in Durham.

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