Elad expects to close on the remaining properties soon, says Marc deBaptiste, a principal with Apartment Realty Advisors in Boca Raton. DeBaptiste and company vice president Avery Klann, also of the Florida office of Apartment Realty Advisors, coordinated the sale.

"Some [properties] are finishing construction, so they have to wait a month or two," deBaptiste says. "They'll close either by the end of the year or by the beginning of next year."

The four properties in the first phase of the deal are the Enclave at Miramar, a 344-unit community in Miramar; Westchester at Briar Cliff, a 270-unit project in Atlanta; Westchester at Dunwoody, a 398-unit project also in Atlanta; and Spicket Commons, a 164-unit development in Methuen, MA.