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PENSACOLA, FLA. — Institutional Property Advisors (IPA) has brokered the $29 million sale of Fairfield Lakes Apartments in Pensacola. Built in 2003, the 268-unit apartment complex comprises 16 residential buildings, a clubhouse and seven garages, as well as a swimming pool, fitness center, playground and a tennis court. Nearby employment centers include the Naval Air Station Pensacola, Corry Station and Saufley Field, a military airport and support facility. Frank Carriera and Michael Regan of IPA represented the undisclosed seller. IPA is a division of Marcus & Millichap.