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Frankforter Group buys Lutz, Fla., multifamily community for $58.5M

Frankforter Group bought a 448-unit multifamily community in Lutz, Fla., from Cortland for $58.5 million, Multi-Housing News reported, citing Yardi Matrix data.

The Livingston Apartments has a mix of one-, two- and three-bedroom apartments and is at 15420 Livingston Ave., 15 miles north of Tampa.

Frankforter intends to invest $2 million to enhance the asset.