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MIAMI-The Gables Residential-JP Morgan joint venture has sold Gables Crestwood, a 290-unit, 93%-leased apartment community in Royal Palm Beach, FL to Vista Realty Partners of Atlanta for $27.7 million or $95,517 per unit.

The property was sold at a cap rate of 7.5%.Boca Raton, FL-based, publicly traded Gables Residential expects its share of the gain from the sale to be about $300,000 or one cent per diluted share.

The average quoted monthly rent range is $947 to $1,433. Gables Crestwood, at 50 Crestwood Court N., offers two-bedroom/two-bath units and three-bedroom/two-bath units. Several of the units have garages.

Units range from 1,196 sf to 1,543 sf. Amenities include furnished rentals with washer/dryer, ceramic tile, business center, jogging trail, basketball and tennis courts, and picnic area.

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