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GRAYSLAKE, ILL. — Strategic Properties of North America (SPNA) has acquired a 396-unit multifamily complex in Grayslake, approximately halfway between Chicago and Milwaukee, for an undisclosed price. SPNA plans to make $3 million worth of improvements to Grays Pointe Apartments. SPNA enacted Section 15 of the Condo Act, effectively allowing the company to dissolve the condominium association and apply the current apartment cap rate to the net operating income. The seller in the transaction was undisclosed.