FWC paid Jaymor subsidiary College Station Apartments Ltd. about$36,000 per bedroom, or $138,157 per apartment unit, for thefour-year-old, 95%-leased property at 2701 N. Alafaya Trail nearthe University of Central Florida campus in east Orlando. Jaymor isbased in Richmond Hill, Ontario, Canada.

The average living area in the units is 1,350 sf with averagerents starting at $1,880 per month. The starting rent translates to$470 per bedroom per month. All apartment units have four bedroomsand four bathrooms. College Station Apartments offers renters acomputer lab, physical fitness room, pool and office quarters.

"This type of property is much sought after by certaininvestors," Smith Equities broker and vice president Paul M. Guyettells GlobeSt.com. "It's a great business for the right investorbut it is not a good investment for an absentee owner, unless he orshe has an excellent management team" on site.