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The 264-unit Broadstone Lincoln Apartments sold Monday to The Praedium Group for $79 million, or $299,000 per unit. Alliance Residential sold the asset care of Prudential Insurance Company - with which they have a history of joint venture investments. This was a cash-only transaction.
The apartment complex, located on the northwest corner of Scottsdale Road and Lincoln Drive, was completed in June of 2014. It includes three four-story buildings that are LEED-certified along with private underground parking.
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