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The fund has already acquired two properties.
The two plan to invest in 15,000 units.
The plan is to convert the asset into up to 600 apartment units.
It is the second largest office deal in Florida history.
Through the fund, 70 percent of the capital has been committed to 70 properties.
The bank is also adding 26,000 square feet of space.
The asset features two buildings.
JLL closed the $50 million sale.
The firm is acquiring 100 total units.
The move take's the company's student housing loan portfolio to $850 million