The 23-year-old, Tampa, FL-based firm, owned by Dutch Euro American Investors Group of The Hague, paid $38 million or $52,778 per unit to Willwat Trucking of Alabama for the 720-unit Tree Crossings Apartments in Hoover, AL. The property is one mile west of the Galleria mall near Birmingham, AL.

Euro also sold the 105,000-sf Circuit City Plaza in Altamonte Springs, an Orlando suburb, to an affiliate of New York-based Yale Realty Services Corp., for $9 million or $85.71 per sf; and a one-acre outparcel at Argyle Village shopping center in Jacksonville, FL to Chartered Enterprises LLC of Buffalo Grove, IL for $285,000 or $6.54 per sf.

Euro had owned Circuit City Plaza since 1992 and brought its occupancy to 99% at closing by managing and leasing the property itself.

Euro sold Argyle Village last year for $23 million. The center is anchored by a Publix Supermarket that Euro built in 1998.

"We are an added value buyer," Euro American managing director Bruce Burdge says in a prepared statement. "We buy underperforming properties and seek to maximize the return from our investment."

Euro American's parent has an investor relations office in Dusseldorf, Germany. "With a track record of successful returns, we are looking to continue to leverage our experience and market knowledge in order to capitalize on the right investment opportunities.