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

ORLANDO-After paying $150 million, or $138,760 per unit, in thebiggest apartment sale of the year in May, New York-based RAKAcquisition Group is investing another $15 million to convert the413-unit Charles Towne apartments to condos. The property is at the1,081-unit Park Central multifamily compound in south Orlando.GlobeSt.com reported the sale in an exclusiveMay article.

RAK officials have retained Orlando-based Signature GMAC RealEstate to market and sell the condos at pre-construction prices of$150,000 for one-bedroom units to $270,000 for three-bedroom,two-bath homes, says Signature project manager Jim Murrin. "Thoseprices are expected to rise after the initial private offerings,"he says.

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