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RALEIGH, N.C. — ARA has arranged the $46.8 million sale of Woodlands at Wakefield Plantation, a Class A, 360-unit multifamily community located in Raleigh. The property was 95 percent occupied at the time of sale. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Boca Raton, Fla.-based Altman Development, in the transaction. Investors sponsored by Greensboro, N.C.-based Bell Partners purchased the asset.