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ORMOND BEACH, FLA. — ARA has negotiated the sale of the 184-unit Shadow Lakes, a REO community located at 500 Shadow Lakes Blvd. in Ormand Beach. The property is currently 92 percent leased. Kevin Judd of ARA's Orlando, Fla., office, Patrick Dufuor of ARA's Tampa, Fla., office and Matt WIlcox of ARA”s Jacksonville, Fla., office represented the undisclosed seller in the transaction. The buyer was self-represented.