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HMG/Courtland entity to sell Fla. multifamily property for $50M

An entity one-third owned by HMG/Courtland Properties Inc. agreed to sell its multifamily residential apartments comprising 240 units in Orlando, Fla., for about $50.3 million.

The apartments, which sit on a 9.5-acre site and comprise a total of about 239,000 net rentable square feet, are being acquired by Cardone Real Estate Acquisitions LLC.

The transaction is slated to close during the first quarter of 2018.