ATLANTA-New York-based ING Clarion has sold the 375-unit Standard at Lenox Park apartment complex at 2124 Gables Dr. in Buckhead for $47.1 million. The sale was made on behalf of a commingled fund advised by the firm to a Boston-based private investor.

Built in 1990, the Standard at Lenox Park is a 348,800-sf development with direct access to Lenox Park's Central Park, a 25-acre park with lakes and jogging trails. It was the first of four upscale rental properties to be constructed in the area. ING Clarion senior director Robert Greer tells GlobeSt.com that the buyer intends to make some capital improvements to the property, but plans to continue operating it as a rental community.

The complex has one-bedroom, one-bathroom units ranging in size from 646 sf to 950 sf that rent from $833 to $1,180; two-bedroom, two-bathroom units ranging in size from 1,100 sf to 1,150 sf that rent from $1,235 to $1,250 and three-bedroom, two-bathroom units ranging in size from 1,300 sf to 1,450 sf that rent from $1,620 to $1,640.

Greer says the company had owned the property for 10 years, but decided to sell it due, in part, to the strong investment sales market in Atlanta. "The property had achieved good returns for us, but given its age and the point in the cycle where we are, we decided to sell it," Greer says. "The investment community is fairly aggressive in acquiring these types of properties and we felt it was the right time to sell."

This is the latest sales in an investment sales market that has been booming. According to an October Atlanta apartment market report by Marcus & Millichap, sales velocity over the past 12 months increased by 48% compared with the preceding 12-month period. Velocity to date had exceeded 2005 levels for the same time period by 50%.