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ORLANDO-Watertown Associates Inc., a Chicago-based pension fund advisor, has picked up Monterey Lakes Apartments, a 97%-leased, 324-unit, 321,744-sf multifamily community in Largo, FL, for $17.73 million or $54,722 per unit ($55 per sf). Largo is 80 miles west of Downtown Orlando.

Grayco Inc., a private investment group in Richmond, VA, sold the 27-acre, lakefront property and an undisclosed amount of adjoining vacant developable land. The site is at 7501 Ulmerton Rd. at the intersection of Ulmerton and Belcher Roads.

The two-story concrete block and stucco Monterey Lakes Apartments comprises 144 one-bedroom/one-bathroom units; 140 two-bedroom/two-bathroom floor plans; and 40 three-bedroom/two-bathroom units. Living area ranges from 806 sf to 1,325 sf.

Stephen St. Clair, a senior investment broker in the Orlando office of Marcus & Millichap Real Estate Investment Brokerage Co., represented Grayco.

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