Islander Village Apartments at 5525 S. Alameda St. came on linein October so its occupancy is just now at 60%. The 78 apartmentsare four-bedroom, four-bath floor plans, with $450 per bed rents.The buyer is Austin-based Campus Advantage Inc.

"The unique thing about this deal is it wasn't stabilized onclosing and the buyer was willing to buy it as is," Jeff Patterson,vice president with Apartment Realty Advisors in Austin, tellsGlobeSt.com. "This was a little late to deliver to the market andit'll take some time for the students to know it's there." ARA'stransactions manager Kelly Witherspoon partnered with Patterson tosell the development for Austin-based Hammond Jones Real EstateDevelopment.

Patterson says Campus Advantage ended up with the propertybecause of its strong track record, financial backing andexperience in student housing. "They understood the asset before itwent under contract," he says. "The seller was confident they'dclose the deal."