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River Pointe Apartments – Closed on December 6, 2018

River Pointe Apartments – Closed on December 6, 2018

Price: $ 19,300,000

Total Number of Units: 212

Address: 8024 Hidden River Drive, Tampa, FL 33617, USA

  • Opportunity to increase Effective Gross Income by $198,552 through the end of year one operations
  • 24% of units remaining to be renovated with a $94 premium on average compared to standard units
  • Majority two and three-bedroom floor plans
  • Opportunity to add washer/dryer appliances in 70 units already with connections and receive an additional $40 premium
  • Recent exterior capital improvements including exterior paint on all buildings, completely remodeled clubhouse, the addition of artificial turf soccer field, new pool pavers and outdoor kitchen, new property signage, and updated children’s playgrounds

Lead Agent(s): Francesco P. Carriera or Michael P. Regan

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KAIN Portfolio – Closed on November 29, 2018

KAIN Portfolio – Closed on November 29, 2018

Price: $ 14,750,000

Total Number of Units: 202

Address: 13021 Kain Palms Court, Tampa, FL 33612, USA

  • Through strategic property and management efforts, a buyer could increase Effective Gross Income in year 1 of operations by $237,607
  • 89% of the units are in two of the properties 24% of the units were constructed in 2007
  • Portfolio consists of a superior unit mix comprised of majority two and three – bedroom floor plans

 

Lead Agent(s): Cameron S. Barbas

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Riverside Portfolio – Closed on November 1, 2018

Riverside Portfolio – Closed on November 1, 2018

Price: $ 3,750,000

Total Number of Units: 32

Address: 2303 College St, Jacksonville, FL 32204, USA

  • Opportunity to increase rents on renewal by $50-$100/unit to meet the market
  • 100% occupied for the last 3 years with a waiting list
  • 11 of the 12 buildings are less than ½ a mile from each other for ease of management
  • Retiring owner is offering negotiable seller financing with a 30-year amortization, 3-10 year term with potential interest only period possible to increase buyers day one cash flow

Lead Agent(s): Ryan B. Tomka

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Avesta Heritage Cove Apartments – Closed on October 24, 2018

Avesta Heritage Cove Apartments – Closed on October 24, 2018

Price: $ 8,450,000

Total Number of Units: 90

Address: 7402 Heritage Hills Drive, Temple Terrace, FL 33637, USA

  • Rare opportunity to own 90 units of 1980s concrete block construction in Tampa, FL
  • 96% average current occupancy level of all comparable properties
  • Opportunity to supply washer/dryer appliances and receive $40 monthly rental premium
  • Opportunity to increase NOI by $105,169 through strategic management adjustments and by moving rents up to meet the market
  • Clean asset with recent capital improvements including the addition of a front entrance gate, revitalized exterior paint, expansion of pool deck, two new roofs, and reinforced staircases
  • Minimal repair and maintenance outlook for next 5 years with recent exterior updates and unit finishes
  • $109,551 increase in effective gross income by end of year 1 operations
  • Significant rental spread between Avesta Heritage Cove and competing properties

Lead Agent(s): Joshua D. Teplitzky

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1120 Cedar Street – Closed on October 25, 2018

1120 Cedar Street – Closed on October 25, 2018

Price: $ 540,000

Total Number of Units: 7

Address: 1120 Cedar Street, Jacksonville, FL 32207, USA

  • Below market rent
  • All brick construction
  • Value-add property

Lead Agent(s): Ryan B. Tomka

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Orangeview Apartments – October 26, 2018

Orangeview Apartments – October 26, 2018

Price: $ 675,000

Total Number of Units: 8

Address: 8802 North Orangeview Avenue, Tampa, FL 33617, USA

  • A superior unit mix of all two-bedroom floor plans with w/d connections
  • Value-add opportunity to achieve 20%+ cash on cash return in year 1
  • Concrete block construction
  • Fully occupied community
  • The entire building has recently been newly painted and new landscaping
  • Located on a large corner lot with ample off-street parking

Lead Agent(s): Matthew S. Valeri and Cameron S. Barbas

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Fairfield Lakes Apartments – Closed on October 18, 2018

Fairfield Lakes Apartments – Closed on October 18, 2018

Price: $ 29,000,000

Total Number of Units: 268

Address: 8100 US Highway 98, Pensacola, FL, United States

  • 95%+ T12 Occupancy
  • $113,500 of In-Place Loss-to-Lease Upside Based on Current Asking Rents ($35/unit/year)
  • Up to $300 of Rental Upside based on Most-Direct Market Competitors
  • Opportunity to Perform Strategic Capital Upgrades to Unit Interiors
  • $365 Affordability Gap Between the Cost-to-Own in the Immediate MSA and the Current Average Effective Rent at Fairfield Lakes Apartments

Call for Offers: Wednesday, February 14th by 5pm EST


>>Click Here to View Offering Documents<<

 

Lead Agent(s): Francesco P. Carriera or Michael P. Regan

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Pensacola Station – Closed on September 28, 2018

Pensacola Station – Closed on September 28, 2018

Price: $ 1,499,000

Total Number of Units: 24

Address: 103 Cactus Street, Tallahassee, FL, United States

  • 8.83% CAP Rate
  • Unit Interior Renovations Include Granite Countertops, Stainless Steel Appliances, New Bathroom Vanities, New Kitchen Cabinets and Interior Paint

Lead Agent(s): Joshua D. Teplitzky

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Osprey Landings Apartments – Closed on September 24, 2018

Osprey Landings Apartments – Closed on September 24, 2018

Price: $ 11,700,000

Total Number of Units: 108

Address: 1756 S Clyde Morris Blvd, Daytona Beach, FL 32119, United States

Built in 1985 with 67 Percent 2×2 Floor Plans

Stabilized Asset with Inherent Upside

  • 4.92% total vacancy, concessions and bad debt (T12)
  • 7.95% organic effective income growth (T12)
  • $53,000 in-place loss-to-lease

Substantial Premium Potential for Upgrades

  • Up to $270-295 per month premiums for one and two-bedroom units

Lead Agent(s): Michael P. Regan

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Imperial Village Apartments – Closed on September 21, 2018

Imperial Village Apartments – Closed on September 21, 2018

Price: $ 19,300,000

Total Number of Units: 144

Address: 9790 Hamlin Boulevard, Seminole, FL 33776, USA

  • Value-add opportunity through clubhouse and amenity renovations
  • 100 percent renovated interiors with minimal repairs and maintenance expenses
  • Current ownership has spent in excess of $2.8 million on capital improvements
  • $300,000 potential increase in effective gross income by implementing a valet trash program, cable reimbursement program, adding patios, and increasing rents to surpass inferior competition
  • Fantastic A+ location in Seminole, FL with very limited competition

Call for Offers: Wednesday, June 20th by 5:30 pm EST

Lead Agent(s): Francesco P. Carriera or Michael P. Regan

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New America Condos – Closed on September 14, 2018

New America Condos – Closed on September 14, 2018

Price: $ 1,050,000

Total Number of Units: 22

Address: 8602 Pioneer Trail, Port Richey, FL, United States

  • Opportunity to collect $9,240 in loss-to-lease by resigning leases at current market rent
  • Highly desirable unit mix consisting of all two-bedroom/one and one half-bathroom townhouse units
  • Excellent amenity package made up of washer/dryer connections, private patios and a basketball court

Lead Agent(s): Matthew W. Prozzillo

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Villas at Deer Park – Closed on September 13, 2018

Villas at Deer Park – Closed on September 13, 2018

Price: $ 21,750,000

Total Number of Units: 172

Address: 15215 Livingston Avenue, Lutz, FL 33559

  • Value-Add Opportunity Constructed on Concrete Block in Tampa, FL
  • Opportunity to increase Gross Possible Rent by $401,000
  • $209 weighted spread between Diamond Upgraded unit with washer/dryer appliances current market rent and all other finish levels weighted average effective rent
  • Recent exterior capital improvements include resurfaced parking lot, revitalized landscaping, and energized building exterior paint
  • All corner units with private fenced-in patios

Call for Offers: Wednesday, May 23rd

View Offering Here

Lead Agent(s): Michael P. Regan or Francesco P. Carriera

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San Juan Apartments – Closed on August 31, 2018

San Juan Apartments – Closed on August 31, 2018

Price: $ 720,000

Total Number of Units: 4

Address:

  • Five-minute bike ride to the beautiful Bayshore Boulevard
  • Located in Tampa’s urban core within close proximity to multiple redevelopments such as bill gates, Jeff Vinik, and Tampa port authority’s $3 billion downtown/water street redevelopment, the heights redevelopment, west river redevelopment, Tampa international airport’s $1 billion renovation, Westshore marina district and more
  • Close proximity to 90+ bars, restaurants, and retail destinations
  • Located within a 10-minute drive time of 159,000 jobs within downtown Tampa and Westshore business district

Lead Agent(s): Matthew W. Prozzillo

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North Hubert Apartments – Closed July 31, 2018

North Hubert Apartments – Closed July 31, 2018

Price: $ 720,000

Total Number of Units: 14

Address: 4611 North Hubert Avenue, Tampa, FL, United States

  • Attractive Unit Mix Comprised of 87% Two and Three-Bedrooms
  • Value-Add Opportunity by Continuing to Increase Rents and Achieving a 10.62% Cap Rate (24.26% Cash on Cash Return) EOY1
  • Upgraded Units Include Granite Countertops, New Cabinets, Vinyl or Tile Flooring, New Bathrooms, and Brushed Nickel Hardware

Lead Agent(s): Cameron S. Barbas

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Courtyard Gardens Apartments – Closed on July 20, 2018

Courtyard Gardens Apartments – Closed on July 20, 2018

Price: $ 1,395,000

Total Number of Units: 8

Address: 408 South Tampania Avenue, Tampa, FL, USA

  • Value add opportunity by increasing average rents $500+
  • Unit mix comprised of large two-bedroom/one-bathroom floor plans
  • Private gated entry, beautifully updated serene courtyard, and private balconies/patios
  • Washer/dryer appliances and large storage closets

Lead Agent(s): Matthew W. Prozzillo

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442 30th Avenue North – Closed on July 13, 2018

442 30th Avenue North – Closed on July 13, 2018

Price: $ 515,000

Total Number of Units: 9

Address: 442 30th Avenue North, St. Petersburg, FL, United States

  • Premium location in the heart of desirable St. Petersburg
  • Only 20 minutes to St. Pete beach ranked “#3 beach in the U.S.” by TripAdvisor in 2017

Lead Agent(s): Joshua Teplitzky

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Paradise Gardens – Closed on July 10, 2018

Paradise Gardens – Closed on July 10, 2018

Price: $ 1,600,000

Total Number of Units: 16

Address: 801-811 Southeast 12th Avenue, Cape Coral, FL 33990, USA

  • Well-built 1980’s vintage concrete block construction
  • Highly desirable unit mix consisting of large two and three bedroom townhouse units
  • Amenitized property with a large courtyard, pool, and in-unit laundry connections
  • Significant value-add opportunity (9.43% year one cap rate)
  • Current rents are 18% below market comparable rents
  • Ability to realize a year one cash-on-cash of 15.59%

Lead Agent(s): Benjamin N. Skinner

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Frankie Court Apartments – Closed on July 09, 2018

Frankie Court Apartments – Closed on July 09, 2018

Price: $ 1,563,000

Total Number of Units: 17

Address: 4421 Frankie Court, North Fort Myers, FL 33903, USA

  • Recently Renovated Concrete Block Construction
  • Desirable Unit Mix Consisting of Two Bedroom Townhouse and Duplex Units
  • Amenities Include In-Unit Laundry Connections
  • Ability to Realize a Year One Cash-On-Cash of 21.83% Through Loss-To-Lease Recapture

Lead Agent(s): Benjamin N. Skinner

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Park West Courtyard Apartments – Closed on June 11, 2018

Park West Courtyard Apartments – Closed on June 11, 2018

Price: $ 5,100,000

Total Number of Units: 30

Address: 3215 West Swann Avenue, Tampa, FL, United States

  • Approximately $27,000 In Loss-to-Lease Available to be Recaptured
  • Value Add Opportunity by Increasing Average Rents $200+
  • Private Gated Entry, Beautifully Updated Serene Courtyard and Renovated Unit Interiors

Call for Offers: Thursday, March 8th by 5pm EST

Lead Agent(s): Cameron S. Barbas

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Crystal River Apartments – Closed on June 8, 2018

Crystal River Apartments – Closed on June 8, 2018

Price: $ 1,550,000

Total Number of Units: 32

Address: 8570 Southeast Mayo Drive, Crystal River, FL 34429, United States

  • Highly Desirable 1980s Vintage Construction
  • Heavily Renovated Interiors with Individually Sub-metered Buildings
  • Opportunity to Gain Significant Market Share in the Citrus River Market
  • Ability to Achieve a Year One Cap Rate of 10.75% (28.91% Cash-On-Cash Return)
  • Current Average Effective Rents are 15% Below Current Market Rents
  • Recapture 133% of Initial Down Payment within Four Years

Lead Agent(s): Benjamin N. Skinner

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El Mar Apartments – Closed on June 4, 2018

El Mar Apartments – Closed on June 4, 2018

Price: $ 1,450,000

Total Number of Units: 10

Address: 701 1st Street, Indian Rocks Beach, FL 33785, USA

  • Well-Built 1970’s Vintage Concrete Block Construction
  • Amenitized Property Consisting of a Large Courtyard, Grilling Station, and On-Site Laundry
  • Ability to Operate as Annual or Prime Seasonal Rentals
  • Current Rents are 18% Below Market Comparable Rents
  • Opportunity to Realize a 12%+ Cash-On-Cash Return Near the Beach

Lead Agent(s): Benjamin N. Skinner

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Estrella Apartments – Closed May 1, 2018

Estrella Apartments – Closed May 1, 2018

Price: $ 728,571

Total Number of Units: 4

Address: 2812 West Estrella Street, Tampa, FL, United States

  • Opportunity to Obtain a Bite-Sized, Fully Stabilized Multi-Family Asset in Tampa’s Urban Core
  • Ability to Increase rents $203 Upon Lease Renewals and Increase NOI by 6% Without the Need to Infuse more Capital
  • Newly Renovated Unit Interior and Exteriors Including Granite Countertops, New Appliances, Original Hardwood Flooring, New Cabinets and Lush Landscaping
  • Located in Tampa’s Urban Core Within Close Proximity to Several Redevelopments Such as Bill Gate and Jeff Vinik’s $3 Billion Downtown/Water Street Redevelopment, The Heights Redevelopment, West River Redevelopment and Tampa International Airport’s $1 Billion Renovation
  • Superior Walkability to 90+ Bars and Restaurants, Beautiful Bayshore Boulevard and Prestigious Palma Ceia Country Club
  • Located within Close Proximity to 159,000 Jobs between Downtown Tampa and Westshore Business District

Lead Agent(s): Camerson S. Barbas or Matthew W. Prozzillo

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The Bonaventure – Closed May 1, 2018

The Bonaventure – Closed May 1, 2018

Price: $ 1,821,429

Total Number of Units: 10

Address: 2915 West Estrella Street, Tampa, FL, United States

  • Beautifully Modernized 1920’s Asset with Original Hard Wood Floors, High Ceilings, Granite Countertops, Washer/Dryer Appliances, New Windows and New Cabinets amongst other renovations
  • Opportunity to Increase Rents $188 from Current In Place
  • Superior Amenity Package includes Private Keyless Entry, Ample off-street covered & uncovered parking, and washer/dryer appliances, Possible on-site Bike Storage

 

Lead Agent(s): Cameron S. Barbas

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3817 Waterfront Apartments – Closed on April 18, 2018

3817 Waterfront Apartments – Closed on April 18, 2018

Price: $ 1,275,000

Total Number of Units: 16

Address: 3817 Del Prado Boulevard, Cape Coral, FL 33904, United States

  • Desirable 1970’s Vintage Concrete Block Construction
  • Heavily Renovated Property With a New Roof in Process
  • Significant Value-Add Opportunity (Year-One Cap Rate of 9.19%)
  • Achievable NOI Increase of 29.44% by Year One of Ownership

Lead Agent(s): Benjamin N. Skinner

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9th Avenue Apartments – Closed on April 3, 2018

9th Avenue Apartments – Closed on April 3, 2018

Price: $ 780,000

Total Number of Units: 10

Address: 807 9th Avenue North, St. Petersburg, FL, United States

  • Highly Desirable Location in the Heart of Growing Downtown St. Petersburg
  • Superior Walkability (0.8 Miles) to Downtown St. Petersburg Retail, Dining and Local Nightlife
  • Well Built Asset with Great Frontage on 9th Avenue North
  • Recently Renovated with New Tile, Laminate Flooring, Formica Countertops, and Raised Panel Cabinets

Lead Agent(s): Joshua D. Teplitzky

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Hanley Place Apartments – Closed on March 21, 2018

Hanley Place Apartments – Closed on March 21, 2018

Price: $ Market Bid

Total Number of Units: 400

Address: 7315 West Hanna Avenue, Tampa, FL 33634, United States

  • Approximately $2.5 million invested in exterior and interior renovations since 2016
  • 21% of units upgraded and receive rental premiums
  • Value-add opportunity to build-upon upgrade program
  • 95% current occupancy – well positioned for agency financing

 

Call for Offers – Wednesday, December 13th

Lead Agent(s): Francesco P. Carriera or Michael P. Regan

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Aqua Links & Stoneridge Pointe Portfolio – Closed on March 16, 2016

Aqua Links & Stoneridge Pointe Portfolio – Closed on March 16, 2016

Price: $ 18,100,000

Total Number of Units: 260

Address: 2450 Hartwell Avenue, Sanford, FL 32771, United States

  • Current Average Effective Rents $200 Below Market Average
  • $240,696 In-Place Annual Loss-to-Lease Upside ($77 per unit, per month)
  • Opportunity to Increase NOI by Approximately $492,000 by End of Year 1
  • Opportunity to Continue Strategic Upgrades at Aqua Links (55 Upgraded Units Receiving a $50 Premium) Benefit from Short Term or Long Term Holding Strategy
  • Short Term Strategy: Capitalize on Value Add Business Plan and Below Market Rents to Increase NOI by $492,000
  • 75 Percent Return on Equity Potential on 2-Year Hold
  • Long Term Strategy: 7-Year IRR Approximately 29%; 10-Year IRR Approximately 26%

Aqua Links
2450 Hartwell Avenue Sanford, Florida 32771
140 Units

Stoneridge Pointe
1505 West 25th Street Sanford, Florida 32771
120 Units

Lead Agent(s):

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5th Avenue Apartments – Closed on February 28, 2018

5th Avenue Apartments – Closed on February 28, 2018

Price: $ 675,000

Total Number of Units: 9

Address: 6682 5th Avenue North, St. Petersburg, FL, United States

  • Recently Renovated Unit Interiors Which Includes New Appliances, Granite Countertops and New Bathroom Vanities Amongst Many Other Renovations
  • Concrete Block Construction Built in 1958 and Renovated in 2015

 

Lead Agent(s): Joshua D. Teplitzky

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Roselawn Village Apartments – Closed on February 27, 2018

Roselawn Village Apartments – Closed on February 27, 2018

Price: $ Market Bid

Total Number of Units: 161

Address: 1992 East Seymour Avenue, Cincinnati, OH 45237, United States

  • Extensive $2.65 Million Renovation in last 24 Months
  • Opportunity for New Investor to Capitalize on Below-Market Rents that were Compressed During Renovation Period (4% In-Place Loss-to-Lease)
  • Phenomenal Entry Position in One of Cincinnati’s Highest Growth Submarkets
  • Favorable Unit Mix – 81 Percent Two and Three-Bedroom Floor Plans
  • Majority Townhome-Style Floor Plan Layouts

Lead Agent(s):

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Hill Avenue Apartments – Closed on February 9, 2018

Hill Avenue Apartments – Closed on February 9, 2018

Price: $ 680,000

Total Number of Units: 8

Address: 1927 Hill Avenue, Fort Myers, FL, United States

  • Exceptional Unit Mix Consisting of 100% Two-Bedroom/Two-Bathroom Floorplans
  • 1980’s Vintage Concrete Block Structure
  • Current Owner Has Invested Over $200,000 in Property Renovations
  • High Yield Asset With a Year Three Cash-on-Cash Return of 18.38%

Lead Agent(s): Benjamin N. Skinner

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Arbor Crest Apartments – Closed on February 8, 2018

Arbor Crest Apartments – Closed on February 8, 2018

Price: $ Market Bid

Total Number of Units: 120

Address: 62 Cleveland Street, Quincy, FL, United States

  • Clear Path to Over a Pro Forma 9% Cap Rate and 16.5%+ Cash on Cash Return
  • Rare Low Income Housing Tax Credit (Section 42 LIHTC) Opportunity with Rental Upside
    • $83,918 (8.02%) Loss-to-Lease Upside Based on Current Market Rents
    • Current Average Effective Rents $85/unit/month Below 2017 Max Allowable Rents
  • Currently Under-Performing Asset with 85.83% Current Occupancy Compared to 95% Market Average of Inferior Assets
  • Operational Upside via Above-Market Average Controllable Expenses
  • 89% Two and Three-Bedroom Floor Plan Composition
  • 5.09% Gadsden County Max Allowable Rent Growth from 2016 to 2017

Lead Agent(s): Francesco P. Carriera or Michael P. Regan

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Park Lane Apartments – Closed on January 9, 2018

Park Lane Apartments – Closed on January 9, 2018

Price: $ 1,700,000

Total Number of Units: 17

Address: 725 2nd Street North, St. Petersburg, FL 33701, United States

  • Well-Constructed 1970s Vintage Concrete Block Structure
  • Thirteen Units on Month-To-Month Leases Allowing for Renovations to Begin Immediately
  • Current Average Effective Rents are 36% Below Market Comparables
  • Property Amenities Include Four Large Storage Rooms, Two Laundry Facilities, and a Large Courtyard

Lead Agent(s):

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