Fairfield paid an undisclosed private Atlanta-based seller $23.6million or about $79,730 per unit for the 95%-leased property,according to brokers in a position to know. Michael A. Crawford,vice president of Brown Realty Advisors and Bernard Mannelly ofBullock Mannelly Partners, both locally based, negotiated for theseller. The buyer represented itself.

"The current bond financing is more attractive than anypermanent or interim program in the market today," Crawford tellsGlobeSt.com. "The current financing, a bond allocation through theUrban Residential Finance Authority of the city of Atlanta, allowedthe seller to take advantage of historically low short-term rteswhile enjoying the longer-term benefits of having financing inplace for an additional 26 years."

The property was on the market only 45 days. The transactiontook another 180 days to complete, from contract signing toclosing. The seller had owned the property since its development in1992. The average asking base rent for one-bedroom, one-bathapartments is $785 to $870 per month; and $1,075 to $1,115 permonth for two bedroom, two-bath units. The one-bedroom units have635 sf to 740 sf of living area; the two-bedroom, two-bath unitsaverage 1,130 sf.