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

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BRADENTON, FL-Hollywood, FL-based JL Real Ventures has acquiredthe 300-unit Marina Palms apartment complex at 6904 Manatee Ave.West for just under $22 million. The property was acquired fromAtlanta-based Miles Properties. It was acquired under the brandCielo, which is the name under which JL Real Ventures operates itsmultifamily properties.

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JL Real Venture managing partners Jordan Kavana and Larry Baumcompleted the transaction. Kavana tells GlobeSt.com that theproperty was attractive for acquisition because it is a C+/B-property in a AAA location. "It was one of 25 assets we looked atin that area," Kavana says. "Our business strategy is to focus onproperties where we can add value."

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The property was constructed in 1974 and was 85% occupied at thetime of the sale. JL plans to spend $1 million in capitalimprovements to increase occupancy and rental rates. Kavanaanticipates that the occupancy level will rise to 97% or 98% withina few months. "It is located in a prime location," Kavana says. "Ithas phenomenal room for growth given the demographics of thearea."

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JL focuses on investing in multifamily properties in the Midwestand Southeast, particularly Florida. Kavana anticipates that thecompany will acquire several more properties within the comingmonths.

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