(To read more on the multifamily market, click here.)

JUNO BEACH, FL-Universal Property Development and AcquisitionCorp., a Nevada-registered REIT with headquarters here, says in aprepared statement it has contracted to buy Ohio-based BratenahlExtension LLC, the owner of an 83-unit apartment property onLakeshore Boulevard in Cleveland.

Universal says Bratenahl Extension is being purchased fromBratenahl Estates Development LLC in a stock, cash and debtassumption deal valued at $1.5 million or about $18,072 perunit.

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