ORLANDO APARTMENT COMPLEX SOLD FOR $12.7 MILLION

ORLANDO, FLA. — Inland American Communities Group has purchased the 218-unit Addison Place Apartments, located on Alafaya Trail in Orlando, from Cedar Trust Services for $12.7 million. Inland American plans to transform the site into a 416-unit student housing complex. Smith Equities Real Estate Investment Advisors’ Paul Guyet and Mark Smith brokered the sale. The student housing property should be open for the start of the 2010 school year.