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CHAMBLEE, GA-Atlanta-based based Lane Co. has acquired the184-unit Oakwood Village Apartments for $13.2 million with plans tospend $4.2 million to improve the property. The community, locatedat 3200 Oakwood Village Lane, will be renamed Aviara Oaks ApartmentHomes after the renovations.

Lane Investment & Development Services LLC, with theassistance of Lane Strategic Renovation, will make interior andexterior improvements to the property, including new landscaping,new siding, appliances, kitchen cabinets and fixtures. "While thisis smaller than the typical deal that we would normally do, this isthe sort of investment community that Lane is seeking nationwide,"says Lane Strategic Investment LLC president Phil Pitney, in aprepared statement. "The community is in an excellent location andhas tremendous potential."