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ORLANDO—An out-of-state investor just snapped up Oak Reserve at Winter Park, a 142-unit multifamily community in an affluent Central Florida city. Rockville, MD-based BAF Associates purchased the multifamily property from Aventura, FL-based Trade Street Residential for $11.7 million.

Though originally constructed in 1973, the multifamily property underwent a substantial $5 million renovation in 2007, significantly reducing its effective age. The REIT sold the multifamily community to free up capital for reallocation to newly constructed assets.  

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