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AvalonBay Communities buys Margate, Fla., apartment complex for $60M

Multifamily real estate investment trust AvalonBay Communities Inc. paid about $60.3 million to acquire the 240-unit Toscana apartment complex in Margate, Fla., the South Florida Business Journal reported.

FCI Residential Corp. sold the property at 3050 Toscana Lane West, which encompasses 276,412 square feet, according to the report.