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Investment Trust Acquires 376 Luxury Units

PLANTATION, FL-The AFL-CIO Building Investment Trust acquired the 376-unit luxury apartment community here, while Greystar Capital Partners acted as adviser to the seller. The property was developed eight years ago by Gables Residential of Boca Raton.

By Melissa Bogdany | Updated on August 06, 2003

PLANTATION, FL-The AFL-CIO Building Investment Trust has acquired St. Tropez at Plantation, a local 376-unit luxury apartment community. The project was 97% leased at the time of the acquisition. Although the sales price was not disclosed due to confidentiality agreements, area brokers estimate the value of the sale to be approximately $45 million.

The apartment community was developed in 1995 by Gables Residential, a Boca Raton-based developer, builder, owner and manager of luxury multifamily communities. Greystar Capital Partners was adviser to the seller in the transaction.

The apartment community has Spanish barrel tile roofs. Amenities include an exercise facility, two tennis courts, two pools, and a washer and dryer in every floor plan. In addition, 90% of the townhouse-style apartments have remote-controlled, direct-access garages.

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