The property is located east of Highway 167 at 6170 Terrace View Lane SE, providing views of Sumner Meadows Golf Links. Kenny Dudunakis of Hendricks & Partners, who brokered the transaction, tells GlobeSt.com that leasing for the garden-style development started in January. The first phase of the development is complete and the second phase should be done at the end of August.

Dudunakis declined to comment on the value of the transaction. Other local sources tell GlobeSt.com the development was valued at around $50 million, which translates to a stabilized cap rate in the 5% range.

Units are outfitted with broadband Internet, air conditioning, slab granite countertops, washer and dryer, and a computer desk. Amenities include a 24-seat resident movie theater, sun terrace, basketball court, fitness center and a heated pool and spa.