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BRADENTON, FL-Fountain Lake Apartments, a 21-year-old, 201-unit, class C property here comprised of 12 two-story, wood-frame buildings, is under new ownership today.

Cornerstone Investments of McLean, VA sold the 94%-leased, 24.7-acre asset in South Bradenton to Odessa, FL-based RDC Development Co. The price was $10.1 million or $50,249 per unit. At $49.22 per sf, the 205,200-sf property went for below replacement cost, area brokers familiar with the submarket tell GlobeSt.com.

Jamie May, chairman and CEO of JBM Realty Advisors in Naples, FL, tells GlobeSt.com that RDC plans to convert the garden-style apartment community into condominium homes. JBM senior directors Eric Ammon and Carlos Berner worked with May in brokering the transaction.

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