(Crystal Proenza is associate editor of RealEstateFlorida.)

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PLANTATION, FL-A local residential parcel totaling 43.7 acreshas been acquired by a development entity led by Atlanta-basedTrammell Crow Residential and an undisclosed institutional partneradvised by JP Morgan Asset Management. The buyer paid $25 millionfor the land at the northeast quadrant of Interstate 595 and NW136th Avenue in Broward County.

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Colorado-based Affordable Residential Communities decided tosell the property, which previously operated as a mobile home park,after it was damaged by Hurricane Wilma in 2005, says Brad Capas, amultifamily specialist with Cushman & Wakefield of Florida. Thesite is across the street from a new Ikea furniture store and a fewblocks from the Sawgrass Mills retail complex.

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"When companies of the stature of Trammell Crow and JP Morganacquire a site of this magnitude and size, despite all of thebackdrop of the negative press that the economy and South Floridais getting, it makes a statement about their confidence in theSouth Florida market," Capas tells GlobeSt.com. He and fellowmultifamily broker Rosendo Caveiro facilitated the transaction.

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Trammell Crow plans to develop a 481-unit rental communitycalled Alexan Plantation on the site that will consist of gardenapartments and townhouses. The company created the Alexan brand toprovide unique, upscale apartment communities at competitive rates,according to TCR's website. According to Capas, the price paid forthe parcel equates to $581,395 per acre or $51,975 per proposedunit.

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Trammell Crow is currently renting apartments at an Alexan-branddevelopment in Panama City Beach, FL, where rents ranging from $885for one bedroom to $1,215 for a three-bedroom, two-bath apartment.According to the most recent CB Richard Ellis Florida MarketPerspective report, apartment rents in the state are holdingsteady, while occupancy has only slipped marginally over the last12 months, while Cushman & Wakefield research puts SouthFlorida's average apartment occupancy rate at 95%.

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