US - Capri Capital Advisors has put a US-based apartment portfolio up for sale comprised of more than 1,700 units. No price has been set as the seller is going to let the market dictate it.

The portfolio currently lies in an apartment commingled fund managed by Capri Capital. The real estate manager acquired the assets for pension fund clients. One of these investors was the Teachers’ Retirement System of the State of Illinois.

Capri Capital has hired Chicago-based EnTrust Realty to broker the sale. The person responsible for this assignment is James Clark. Capri has said it would be interested in either selling individual properties or trading the entire portfolio to a single buyer.

Industry watchers are curious to see how much institutional interest there will be in this portfolio.

Most of the properties are located in markets that haven’t attracted a great deal of institutional capital. For example, Cincinnati is not a market where many pension funds have tried to buy apartments and neither is Kansas City.

But there is at least one property that could attract some pension fund interest. This is an apartment complex in Durham, North Carolina. The complex was developed in 1988 and is only three miles from Duke University and the Duke Medical Center.

The other properties are located in Houston and Dallas.