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NEW YORK CITY—BGC Partners is acquiring multifamily broker network Apartment Realty Advisors for $110 million in cash. Additional cash and equity based earn-outs may be paid to the companies within the ARA network if certain performance targets are met. In general, the ARA companies are expected to generate annual revenues of $100 million or more and pre-tax distributable earnings in excess of $20 million. A majority of the closings for these companies are expected to close during the fourth quarter of 2014.

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