DeBartolo, which is diversifying to more than retail developmentand investment lately, plans to put at least $10 million intorehabilitating the class B complex built in the mid-1990s. Theall-cash deal was made with a lender that took over the propertyfrom its previous owner. Neither of those parties was named.

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"It's in a class A location, so we want to make it a class Aproduct," Ed Kobel, DeBartolo president and COO, tells GlobeSt.com."For us in the apartment business, it's important to have a jobscreator nearby because it helps keep your apartments full."

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Mystic Pointe, at 10712 Mystic Circle, is within three miles ofInterstate 4 and adjacent to Disney World's employee entrance. Thecollection of theme parks and resorts west of Orlando is thelargest single-site employer in North America, with more than50,000 "cast members."

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Upgrades to the apartments, which have one to three bedroomseach, will include new carpet, paint, appliances and fixtures,along with renovations to its fitness and media centers. Kobel saysMystic Pointe will get a Key West-style exterior similar to many ofDisney's nearby properties.

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Kobel notes that Mystic Pointe also benefits from proximity tothe area's affluent Windermere community, which should help attractfamilies seeking high-rated schools. Although apartment vacancythroughout the Orlando market currently measures 10%,it's within the middle single digits in Disney's submarket, headds.

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This marks DeBartolo's second apartment acquisition in the pastmonth, having paid $28 millionfor the 379-unit Falcon Square complex in nearby Winter Garden.Since last fall it has invested $105 million in nearly 1,200 rentalunits, including three other complexes in Tampa, Fort Myers andOrlando.

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