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NEW YORK CITY-Locally based Apollo Real Estate Advisors is seeking to spend its proceeds from its latest fund across all sectors in such markets as the metropolitan area here, Southern California, Washington, DC, Florida and Hawaii. Apollo Real Estate Investment Fund V LP closes with an aggregate of $700 million.

The fund, which was oversubscribed, will invest in a variety of real estate assets across sectors including commercial, residential, hospitality and mixed-use, said Lee Neibart, Apollo senior partner. "We're targeting Fund V toward a mix of investments that we believe are dynamic opportunities in growing, urban markets." He says response was strong for the newest domestic fund.

Already acquired are Monument III, a 190,000-sf office building being developed near Dulles Airport outside Washington, DC; the Classic, a condominium conversion in Stamford, CT; and the Kahala, a five-star luxury hotel in Oahu, HI. Locally, the firm has acquired the Lafayette-Boynton and Lafayette-Morrison Housing Corp's, a formerly subsidized development with eight buildings and 1,865 units in the Soundview section of the Bronx. The firm plans to convert the properties to affordable co-operatives for current residents.