Siegen Lane apartment complex sells for $30M

Tuscany Villas Apartments, an upscale complex at Siegen Lane Marketplace, has been sold to a group of Los Angeles-based investors for $30.25 million. QVT Mount Auburn Capital LP bought the 274-unit complex from New Hope Investors-Tuscany, a group of local investors that had bought the complex for $27.8 million in July 2011 from Tuscany Reserve, which originally developed the complex. Robert Peek, who manages Tuscany Villas for Amesbury Companies, says the apartment complex generated a lot of interest from potential buyers. “We listed it in July and sold it on the 21st of December—the whole process,” says Peek, who was also one of three developers behind Tuscany Reserve, which opened the apartment complex in spring 2008. Three years later the 12-acre complex was sold to New Hope Investors, led by John Noland, Hardy Swyers and Henry “Chick” Miller. —Adam Pearson