Woodlark, a five-year-old company that owns or controls over4,000 units in 12 states on behalf of TIC investors, bought thesix-building complex at 2415 S. University Parks Dr. from RoyalProperties of Champaign, IL. It also recently purchased the Reserve, a276-unit student-housing property at 13903 Babcock Rd. in SanAntonio, from Royal for an estimated $40 million.

Robert Stone, a first vice president in the Detroit office of CBRichard Ellis who represented both sides in the two transactions,says he can't comment on either sale. The property reportedly soldfor its asking price.

Typically, Royal develops and builds projects with the intent tosell to other companies with management expertise. In 2006, Royalsold its entire portfolio of 13 student-housing properties,containing 5,710 bedrooms, to American Campus Communities Inc. ofAustin for $244 million. ACC owns 25 student housing propertieswith more than 16,000 beds and manages additional properties with27,600 beds.