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

CLEVELAND-Paragon Real Estate Equity and Investment Trust hasentered into an agreement to acquire 1,478 units in 10 propertiesin Texas and Ohio for $64.7 million, or $43,775 per unit. Thelocally headquartered company says it is exploring "a variety ofcapital raising alternatives" and expects that the acquisition willclose in late 2005 or early 2006.

Along with the properties, Paragon intends to retain the40-person management team that includes regional managers, propertymanagers, leasing and maintenance personnel. Paragon also willacquire the accounting and management systems for theproperties.

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