In a separate transaction, Archstone-Smith Trust of Englewood, CO sold its 120-unit Kingston Village Apartments at 940 Douglas Ave. in suburban Altamonte Springs, FL to Del Development Corp. of Atlanta for $7.5 million or $62,500 per unit.

Base rents at Martin's Landing average $565 per month for an average 744 sf of living area. Smith Equities Corp. of Orlando brokered the transaction.

Archstone-Smith Trust, formerly Archstone Communities Trust, is the third largest multifamily REIT in the industry. Equity Residential Properties Trust of Chicago, controlled by entrepreneur Sam Zell, is the largest. Apartment Investment and Management Co. (AIMCO) of Denver is the second largest apartment REIT. Both Equity and AIMCO own properties in metro Orlando.