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HOLLAND, MI-Tenant-in-common sponsor DeSanto Realty Group hasclosed on the purchase of ClearView Apartment Complex, a 376-unitcommunity. The company paid $24.5 million to owner InvestmentProperty Associates.

Gary DeSanto, CEO of his self-named company, says he was able topay $1.7 million less than the asking price for the complex,located on Lake Macatawa and the Black River near Lake Michigan.DeSanto says not many investors know of the jewel of West Michiganproperty. "There's just not a whole lot of interest, people thinkthe entire state of Michigan was not desirable," he tellsGlobeSt.com. "We went out and took a look at it, it's close to thelake and the town has nice growth, it seems to have a brightfuture. It's a fairly new property, and the owner is getting out ofthe apartment business. We negotiated a fairly quick close to tieit up before it got out to the general market."