(Read more on the multifamily market.)

BATON ROUGE-The sale of the Gates at Citiplace reportedly hasachieved the highest price paid this year for a multifamilyproperty in the city. The 369-unit complex has been sold for $41.5million by locally based JTS Interest to a private buyer fromLivermore, CA.

Matt Heininger, vice-president of the Austin office of ApartmentRealty Advisors, who represented the seller, believes the $112,466price per unit for the 2500 Gates Circle asset is also the highestrate ever paid in the city for a residential property not intendedfor condominium conversion. "We had tons of interest," he tellsGlobeSt.com. "We had well into the double digits in terms of thenumber of offers. Gates is a very well located asset. It's in anin-fill location with very strong retail adjacent to the property."The buyer of record is AVR Gates Properties LLC.