JV ACQUIRES PARK AT CLEARWATER APTS. FOR $25M

ABERDEEN, N.C. — Park at Clearwater LLC, a joint venture between First LandMark-Guardian Management and New York City-based Dome Equities, has purchased the 280-unit Park at Clearwater Apartments in Aberdeen for $25 million. Steve Heffner of CB Richard Ellis' Charlotte, N.C., office arranged $20 million in acquisition financing with a 7-year term through Freddie Mac for the joint venture. Dean Smith of ARA's Charlotte office represented the undisclosed seller in the transaction and Timothy Hose of First LandMark-Guardian Management represented the buyer.