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Eastwind Development affiliate sells Fla. apartment complex for $42M

Eastwind Development affiliate High Ridge Housing LLC sold a 184-unit apartment complex in Boynton Beach, Fla., to American Landmark for $41.9 million, the South Florida Business Journal reported.

The buyer told the publication that it would invest $500,000 in upgrading the High Ridge Landing property, which sits on a 7.7-acre site.

American Landmark, which works with private equity firm Electra America Inc., privately negotiated "a very attractive price point" for the class A property, the publication quoted Chief Investment Officer Christine DeFilippis as saying.