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South Florida

Local deal for apartment complex

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Remi Properties bought the 298-unit Preserve at Long Leaf multi-family
community in Melbourne from Altman Development in a $26.6 million deal
brokered by the Boca Raton office of Apartment Realty Advisors. Dick Donnellan, principal of ARA, said activity is picking up in the area.
Investors are starting to look at multi-family developments as
income-producing assets now that condo conversions have essentially
stopped, he said.