The buyer was CLK Management, a New York-based private equity firm. The seller was Equity Residential Properties Trust. Blake Pera and Steve Rudesill of CB Richard Ellis represented Equity in the transaction. CLK represented itself. Pera tells GlobeSt.com that the investment translates to a mid-7% cap rate based on in-place numbers.

Trinity Lakes, a 540-unit property at 7935 Club Circle just off Germantown Parkway, sold for $21.7 million, or $40,185 per unit. The property has two phases, the original Club Apartments and Autumn Creek Apartments. The property has 256 one-bedroom units that average 734 sf and rent for an average of $569 per unit, or 78¢ per sf. The property was 91% occupied at time of closing, which is about the market average, says Pera.

Arbors of Century Center is a 420 unit property located at 1490 Century Arbor Lane, near the intersection of Macon and Whitten on the Raleigh/Bartlett border of the Cordova/Germantown submarket. The property sold for $14.8 million, or $35,238 per unit. The unit mix at Arbors consists of 204 one-bedroom units that average 719 sf and lease for an average of $532 per unit, or 75¢ per sf. The property was 95% occupied at time of closing.