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SAVANNAH, GA. — Frederick, Md.-based Investment Property Exchange Services has acquired Cobblestone Apartments in Savannah for $15.4 million from Birmingham, Ala.-based Cobblestone Apartments LLC. The property features 220 units totaling 180,712 square feet of living space. Amenities include a swimming pool and hot tub, tennis courts, a picnic area and a laundry facility. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors brokered the transaction.