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LARGO, FLA. — ARA has arranged the $23.62 million sale of the 324-unit Monterey Lakes, an apartment complex located at 7501 Ulmerton Rd. in Largo, a submarket of Tampa, Fla. Richard Donnellan of ARA's Boca Raton, Fla., office, along with Patrick Dufour of ARA's Tampa office, Kevin Judd of ARA's Orlando, Fla., office and Matt Wilcox of ARA's Jacksonville, Fla., office represented Waterton Residential, the seller, in the transaction. The buyer was a Florida-based private buyer.