Cedar Partners LLC paid $1.35 million or $6,683 per unit for the 202-unit, 31-building Cedar Point Apartments in suburban Warner Robins, GA. Regency Partners LLC paid $1.78 million or $13,051 per unit for the 136-unit, 21-building Regency Club Apartments in Albany, GA.

The Atlanta office of Insignia/ESG handled the transactions for First Union. But in a prepared statement, the brokerage didn't disclose the occupancy or the age of the properties. GlobeSt.com couldn't reach Insignia brokers Jon Kleinberg and Kevin Markwordt at publication deadline to learn why the properties were going for such a low per-unit price.

Area brokers tell GlobeSt.com on condition of anonymity that pre-1980-built apartment houses with at least 75% occupancy have averaged $20,000 per unit in some recent sales. Multifamily complexes constructed after 1980 with occupancy in the 80% to 100% range, generally command average prices of at least $30,000 per unit.

Cedar Point's buildings at 135 Ignico Drive in northeast Warner Robins, a half mile east of Robins Air Force Base, are a combination of one-story and two-story structures. Regency Club's buildings at 2000 Tompkins Ave., Albany, GA, are all two-story structures.

In his company's prepared statement, Kleinberg says "the physical characteristics of the (Regency) property accurately reflect the demographics of the surrounding area." The broker says the property "has the appropriate unit sizes, mix and location to capture the area's targeted subject market."

On the Cedar Point property, Markwordt says the location "provides excellent access to the major employment bases in the market and the variety in unit types alls for tremendous flexibility in leasing."