LR complex sells for $74.8 million

A 256-unit apartment complex in Riverdale has come under new ownership in a $74.8 million sale last month.

The Brightwaters Apartments at 2420 Riverfront Drive was sold to two limited liability companies — Timber Holdings Company and Harbor Grand Holding Company — tied to Forge Partners, a Rancho Sante Fe, Calif., real estate investment firm specializing in apartment developments. It boasts a portfolio of 4,449 apartment units worth an estimated $404 million.

The seller was Brightwaters Owner, a limited liability company under the umbrella of CLK Properties. The Woodbury, N.Y.-based real estate investment firm acquired the 10.6-acre development in 2017 for $22.5 million.

CLK still owns the Village at Cross Creek, a 192-unit complex in Rogers, and The Landings at Greesborough Village, a 264-unit complex in Jonesboro.

Brightwaters opened in two stages beginning in 1984 on land that used to be part of the Riverdale Golf Course. The development went into foreclosure because of a default on two construction loans totaling $7.3 million in 1988. It was sold in 1990 for $5.5 million.