The 430-unit complex, built by Fairfield Residential Inc., opened in May 2000. A gated community with 25 buildings positioned on 33 acres, Spraddle Creek has fireplaces, direct-access garages, two swimming pools with hot tubs, a fitness center, a business center and a clubhouse.

Spraddle Creek is a strategic property in a growing market, Mark Griffith, president of LNR's eastern region, says in a prepared statement. He pegs the price at significantly less than replacement value. The apartment complex is LNR's third investment in Austin and Patronis' first.

The $86,608 per unit price is close to the high average for apartment complexes bought in the first three quarters of this year. In a report released last week, apartment consulting company Hendricks & Partners says the average prices per unit range from a low of $31,889 for properties built prior to 1975 to a high of $89,254 for properties built after 1994. The report said had it confirmed nine apartment complex sales in the first quarter.