Seville Beach Hotel: Washington Avenue apartments sold to local developer

A large apartment community in the Washington Avenue corridor has been sold to two companies, including a local developer known for its mixed-use communities. Houston-based Midway Cos. and the Lionstone Group bought Archstone Memorial Heights, according to a press release from Atlanta-based ARA, which represented the seller, Virginia-based AvalonBay Communities Inc. Financial details were not released. Archstone, located along the south side of Washington Avenue between Studemont Street and South…