The development consists of 28 two-story buildings with two andthree bedroom units, which have an average of 1,472 square feet.There are 224 units altogether.

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At the Cottages at Stoney Creek, which was finished in 2006, 64of the units were sold to individual buyers, for an average of$150,000, says Erik Bjornson, a Walchle Lear broker who worked onthe deal. The largest units went for $200,000, he says.

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The project, located on approximately 80 acres, was developed bythe Jacksonville, FL-based Vestcor Companies, a real estate firmspecializing in multifamily development, apartment leasing andcommercial construction. In the multifamily sector, Vestcor hasdeveloped everything from affordable, tax-credit apartments toluxury high-rise condominiums.

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Bjornson, declined to reveal the identity of the bulk buyer ofthe Cottages at Stoney Creek units, except to say it was a privateinvestment group.

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Amelia Island is a residential community with a mix of singlefamily homes and condominiums, says Bjornson. The single familyhomes date from the 1970s and 1980s, while the condominiums werebuilt mostly from the late 1980s through the early 2000s, hesays.

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Amelia Island has "mixed demographics," says Bjornson. There isa Ritz Carlton on Amelia Island and there are parts of the islandwhich are not luxurious at all, he says. The Cottages at StoneyCreek Condominium, which is not on the ocean, is somewhere in themiddle, says Bjornson.

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