Lin Properties, a private Atlanta investor, paid locally based Park Village Associates LLP $41,176 per unit for the 88%-leased apartment complex, acquiring it at a 7.75% cap rate.

"This shows the strength of demand for class C properties in metro Orlando," Joshua Goldfarb, a senior broker at Atlanta-based Southeast Apartment Partners tells GlobeSt.com. "While this asset's cap rate was an exception, due to it's 'A' location just north of Buckhead and inside I-285, most C class assets are trading for lower cap rates than 18 months ago."

Marc G. Robinson, managing director, Southeast Apartment Partners, who worked with Goldfarb in negotiating for the seller and finding the buyer, tells GlobeSt.com the transaction "represents a very strong price, in light of the softness in the market."