The Tiburon, CA-based Drever Opportunity Fund LP bought the complex from Limestone Ranch LP, an investment partnership based in Birmingham, AL. The price was about $63,000 per unit, according to Diana Zuniga, president of Austin-based Investors Alliance Inc.

Zuniga represented the seller and Sean Sorrell, senior vice president in CB Richard Ellis' investment group in Austin, acted on behalf of Drever.

The purchase comes in a market of fewer sales of apartment complexes at lower prices. There were nine sales through the first nine months of this year compared to 19 sales in all of 2001. The average price per unit for class A apartments was $72,713 through September, off nearly $10,000 from the per unit average of $82,100 in 2001.