The buyers also assumed an unspecified debt load. Aetna put $8.5 million cash in the deal. Tarragon will recognize a gain of $3.2 million and will share in future profits from the joint venture.

The gated properties are the 21-month-old, 288-unit, 100%-leased Club at Danforth in Jacksonville; the 17-month-old, 328-unit, 105.8% leased Vineyards at Eagle Harbor in Orange Park, a Jacksonville suburb; and the 15-month-old, 360-unit, 98.3% leased Links at Georgetown in Savannah, GA.

The Danforth rents from $640 to $1,000 per month; Vineyards, $685 to $1,030; and Links at Georgetown, $610 to $905.

The Danforth's development cost was $17 million or $59,028 per unit. Links at Georgetown came in at $23.5 million or $65,278 per unit. And the hard construction cost of Vineyards was $20.5 million or $62,500 per unit.

Tarragon's William S. Friedman tells GlobeSt.com the estimated total replacement cost of the units today is $74.26 million, or $76,086 per unit compared to a total development cost of $61 million or $62,500 per unit, a factor not overlooked by Aetna.

"Our investment decision was based upon the quality of these developments, the vibrancy of the Jacksonville and Savannah markets and the excellence of Tarragon's property management team," John M. Maher, Aetna's managing director for real estate, says in a prepared statement.

For Tarragon, the deal went down according to the company's original three-phase development strategy.

"In the first phase, we employ our capital to develop, build and lease high-quality rental communities," Todd M. Schefler, Tarragon's senior vice president responsible for the transaction, says in a prepared statement.

"The second phase involves recovering our capital investment through permanent financing and by forming an investment joint venture for long-term ownership of the asset," Schefler says. "Through active management in the third phase, we seek steady cash flow and capital appreciation from a quality asset with long-term financing.

Robert C. Rohdie, Tarragon's executive vice president conceived the the three-apartment complex venture. Participating lenders are SouthTrust Bank, ARCS Commercial Mortgage and Fannie Mae.