BOCA RATON, FL-Locally-based Koger Equity has closed the sale of 76 commercial properties to AP-Knight LP, an affiliate of Apollo Real Estate Investment Fund for $303 million. Included in the sale are 10 properties comprised of 75 suburban office buildings and one retail center located in San Antonio and Austin, TX, Greensboro and Charlotte, NC, Greenville, SC, and Birmingham, AL.

Morgan Stanley acted as financial adviser to Koger in the transaction. Wachovia Securities served as financial adviser and placement agent for Apollo. Fleet Securities provided financing and acted as lead arranger for the transaction.

Koger Equity now owns and operates 12 suburban office parks and two freestanding buildings containing nearly seven million rentable sf and manages eight suburban office parks and two freestanding buildings containing nearly four million rentable sf.

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