Institutional and private US investors have purchased the 390-unit Park Place in Clearwater, FL; 388-unit Windsor Parke in Jacksonville, FL; 308-unit Cortesia in Rancho Santa Margarita, CA; and 272-unit Cabrillo Palms, a Spanish-style multifamily community in Santa Ana, CA. Amstar also has two other apartment projects on the market in Oceanside, CA.

Meanwhile, the privately based Amstar, with a real estate portfolio worth more than $700 million, is looking for other apartment investments. "We are actively seeking new investment opportunities, focusing on supply constrained submarkets in major metropolitan areas across the US," says K. Brad Broyhill, Amstar's Multifamily Properties executive director. "Particularly attractive investment markets include Denver, Southern California, and Washington, D.C.," he says. He notes that Amstar owns more than $200 million in apartments in 10 properties with an aggregate 2,915 units.