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.