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MIAMI-On the heels of completing the conversion of the 562-unitsouth tower at Flamingo South Beach, Chicago-based MCZ/Centrum HASacquired the 614-unit north tower for $170 million. MCZ/Centrum hadan option tobuy the tower from Apartment Investment and ManagementCo.

"We continue to remain bullish about the Miami Beach condominiummarket, particularly because we closed more than 400 units inFlamingo's south tower during the fourth quarter of 2006," saysMCZ/Centrum developer Michael Lerner. "When compared to data postedby the Multiple Listing Service, these closings are especiallysignificant because they are nearly equal to the total number ofcondos closed throughout Miami Beach during that same period."

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