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CAPREIT purchases Tenn. apartment complex for $48M

Canadian Apartment Properties Real Estate Investment Trust purchased the Madison Cypress Lakes apartment complex in Memphis, Tenn., from Equus Capital Partners for $47.8 million, the Memphis Business Journal reported.

The garden-style apartment community contains 1,000 units and more than 22 acres of scenic lakes, among other features, the publication noted.

ARA Newmark represented Equus on the sale negotiations.