Renaissance Property Group of Knoxville, TN acquired the class Bproperty at 3780 Idlebrook Circle for $10.5 million or $63,438 perunit. Boca Raton-based Apartment Realty Advisors brokers Kevin Juddand Dick Donnellan negotiated for the owner.

"Casselberry is a prime example of a suburban community that hasbenefited from the surging population and job growth in the GreaterOrlando region," says Judd, senior vice president at ApartmentRealty Advisors. Savannah Trace, "with its high visibility cornerlocation, attractive units and community elements, iswell-positioned to maintain strong occupancy and rent growth in thefuture."

Adds Donnellan, a principal at ARA: "Investor interest in theOrlando multifamily market has increased dramatically this year."He says there have been 27 transactions with at least 150 units ineach transaction closed year-to-date for a total $660 million insales volume, "up nearly 50% from last year."