Since 2000, the firm, founded by three brothers and headed by Robert E. Smith, has logged sales of $154 million covering 2,836 apartments in 20 deals. Student housing transactions totaled $82.4 million.

Good locations helped sell the three properties, Smith says. Saul Silber Properties purchased two communities in Gainesville, FL: one near the University of Florida campus and the other near Shands and the VA Hospitals.

Saul and Netty Silber, principals of Saul Silber Properties, paid Regency Oaks Apartments LLC $6 million or $40,541 per unit for the 31-year-old, 148-unit Regency Oaks at 3230 Archer Rd. SW in Alachua County. In their second acquisition, the Silbers paid Country Gardens Apartments LLC $3.65 million or $36,869 per unit for the 32-year-old, 99-unit Country Gardens at 2001 26th St. SW in Gainesville.

At Regency Oaks, average base rents are $659 per month for average 1,053-sf apartments. "I liked the property due to its exceptional location," Saul Silber says. He plans to upgrade the units "to offer students a quality apartment at reasonable rents that will give the residents an alternative to the newer four-bedroom student apartments."

Average monthly rents at Country Gardens are $574 for average 864-sf units. Compass Bank financed the acquisitions of both properties. Smith Equities' Debbie Clark, Paul Guyet and Smith handled both transactions.

In Orlando, Smith Equities brokered the $2.43 million sale of Dean Woods Place, a 14-year-old, 48-unit community at 9800 Dean Woods Pl. in suburban Union Park, FL. Peter Panagakos paid Ruth Harrell $50,521 per unit for the property which has average monthly base rents of $700. Admiralty Bank financed the purchase. Smith Equities' brokers Gerald Smith, Darrel Johnson and Guyet handled the sale.