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JUNO BEACH, FL-Universal Property Development and Acquisition Corp., a Nevada-registered REIT with headquarters here, says in a prepared statement it has contracted to buy Ohio-based Bratenahl Extension LLC, the owner of an 83-unit apartment property on Lakeshore Boulevard in Cleveland.

Universal says Bratenahl Extension is being purchased from Bratenahl Estates Development LLC in a stock, cash and debt assumption deal valued at $1.5 million or about $18,072 per unit.

"By acquiring Bratenahl Extension, with its existing financing cash portfolio of approximately $300,000, the venture will undertake to renovate, remodel and sell" the Lake Erie-fronting property, Christopher McCauley, the company's newly named vice president and general counsel, says in the statement.