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.

Universal's strategy is to acquire "under-performing and under-valued real estate projects across the nation," McCauley says. "The company's business plan is to identify the ones with the greatest potential and utilize its experience and expertise to renovate and remodel each property to increase its value and then sell the asset."

McCauley says Universal has also invested an undisclosed sum in Canyon Creek Oil and Gas, an independent production and exploration company that owns 2,000 acres in Texas.

In a corporate restructuring, Universal named Kamal Abdallah CEO and chief operating officer for the company. Universal has also retained financial consultants Profit Planners Inc. of New York, First Federal Group of Cos. and Lending Trust Ventures Corp.