"The owner needed to sell the asset within a relatively shortperiod of time," says Joshua Goldfarb, managing director withSoutheast Apartment Partners. "As such, the sale was distressed anda price discount was given," he explains about the price.

The property is 79% occupied with amenities including tenniscourts, a clubhouse and two pools. The buyer plans to spend $2.5million to improve the property, according to Bob Mascaro, vicepresident of acquisitions for the southeast region of GFI.

"The previous ownership had foreclosed on the property and hadleft it to operate on its own," he explains. "We plan to cut thetrees back, fix the landscaping and entrance gate, as well asrenovate the clubhouse. We will take all of the down units andbring them back up, do some interior renovations and get theproperty leased up with quality residents."