REIT sells Louisiana apartments

Franklin Street Properties Corp. has sold its 264-unit luxury apartment property called "Mansions in the Park" in Baton Rouge, La.

The value of the transaction was $22.6 million.

The buyer's identity was not disclosed.

Proceeds of the sale will be used to "equitize" a 205,059-square-foot, two-building suburban office property in Indianapolis, which FSP purchased in July 2005.

Wakefield, Mass.-based Franklin Street Properties Corp. is a real estate investment trust.

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