The $40.4 million transaction with Atlanta-based Post Properties Inc. equates to $59,763 per unit. Post netted $18.9 million.

In a prepared statement, Post did not break out the price for the 508-unit, four-year-old Post Fountains at Lee Vista, 5743 Bent Pine Drive, Orlando or the 168-unit Post Ascension apartments built in two phases in 1985 and 1995 in Arlington, TX.

On the Post Fountains acquisition, Krupp paid an estimated $20 million or about $39,370 per unit, area multifamily brokers tell GlobeSt.com.

Construction industry estimators tell GlobeSt.com on condition of anonymity the $59,763 per-unittotal price is below the estimated replacement cost of $75,000 per unit price for comparable assets.

Krupp is assuming the $21.5 million, tax-exempt mortgage loan on Post Fountains. In Central Florida, Post also owns the 244-unit Post Parkside at Lake Eola in Downtown which has 30,000 sf of retail and restaurants and a 480-space parking garage; and the 740-unit Post Lake Place in Apopka, FL.

Post Parkside monthly rents are $738 to $1,700 for 500 sf to 1,384 sf. Post Lake Place rents are $518 to $973 for 530 sf to 1,360 sf.

Although Post is exiting the multifamily development scene, the company sold 10 properties in 2002 valued at $190 million or about $19 million per property, the company says.