The local owners of the Walnut Commons apartment complex are selling out to a large real estate investment firm.
John Clark, David Hudson and Bob McKenzie spent years developing the site at Walnut, Aquarium Plaza (Second Street) and Riverfront Parkway.
The 100 apartment units were quickly leased when it finally opened last year.
The pending sale is to APRO II LLC, that already has a portfolio that includes 29 multi-family properties with approximately 6,000 rental units.
The developers first entered into an agreement to lease the city-owned property in 2007, but the project did not close until late 2012. The project included a HUD-backed loan, and the developers got tax breaks.
There was discussion of the project including a public parking deck, but that did not materialize.
The developers acquired property with Little Miss Mag Child Care Center and incorporated the center into the project.
The lease on the city property runs through the end of 2025.
Value of the project at one time was listed at $11 million.
Terms of the sale were not immediately available.