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NALS Apartment Homes has acquired Upland Flats, a 300-unit multifamily community in Colorado Springs, Colo. Thompson Thrift was the property’s previous owner and developer. 

The participants did not specify a sales price for the asset, but the construction loan associated with development totaled $51.6 million, according to Yardi Matrix. Equity for the development was provided by the Watermark 2021 Multifamily Development Fund III LP.