LOVELAND, OH-Inland American Real Estate Trust Inc. has purchased the 394-unit Nantucket Apartment complex here for $35 million. The six-year-old property doesn’t pull punches on amenities, with attached garages, fitness and community center, pool, putting green, movie theater and even a stocked fishing lake.

Lou Quilici, SVP with Inland Real Estate Acquisitions Inc., handled the transaction for the REIT. He tells GlobeSt.com that the 28-acre site is the best in the affluent area, just a few miles from Cincinnati. “Household income around here runs from $87,000 per year to more than $105,000 per year, with employers such as Proctor and Gamble, and various hospitals. There are eight apartment properties in the immediate area, but none of them offered what this property has. There are nearby condos that are selling for $250,000, and our units are bigger.”

The complex is 96% occupied, he says. Rents run from $655 per month for a one-bedroom to $1,550 per month for a three-bedroom unit. With this purchase, the REITs apartment portfolio includes 23 properties in six states.

CINCINNATI-The Dinerstein Cos. has purchased Sterling McMillan, formerly McMillan Manor, a 122-unit, 441-bed student housing community here. The property was purchased out of receivership from a national bank for an undisclosed amount. The buyer has committed significant capital to reposition the community as a leading student housing provider in the Cincinnati market. Built in 2006, amenities include resort style pool, cyber caf