The Wilkinson Group Inc. of Atlanta, which controls the sellingentity, Sope Creek Phase IV LLC, sold the 24-acre property for$86,638 per unit. In August, Colony purchased Holland ParkApartments in Gwinnett County for $40 million. Colony plans torename its acquisition Azalea Springs. The apartments are acrossthe street from the Village of East Cobb Shopping Center.

Noel Rabb, president of the Wilkinson Group Inc., says the dealwas done at this time because his company wants "to keep a presencein the east Cobb market as we see the area continually expanding."In a prepared statement, Rabb says "selling Phase IV, however,gives us a more manageable number of units along with theopportunity to profit from the increase in value."

The Atlanta office of CB Richard Ellis Inc. handled the SopeCreek and Holland Park apartment deals for Wilkinson. CBRE brokersPaul Berry, Kevin Geiger and Malcolm McComb participated. Colonyrepresented itself.

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