(Crystal Proenza is associate editor of Real Estate Florida.)

MELBOURNE, FL-Altman Development has sold its 298-unit Preserve at Long Leaf multifamily community to a private local group, Remi Properties, for $26.6 million. The sale of the class A apartment complex is indicative of increased interest by local investors in multifamily assets, according to experts at the Boca Raton office of Apartment Realty Advisors, which brokered the sale.

"We have seen a sharp pick up in activity coming back to the state of Florida," Dick Donnellan, principal of ARA, tells GlobeSt.com. A few years back when investors began purchasing multifamily assets to convert to condos, income investors were blocked out of the market, he explains. "We're now seeing those more traditional investors coming back to the state and buy to hold assets long term," just as Remi Properties did with this latest transaction.

The recently sold property, located at 4465 Preserve Drive, was originally developed by Altman in 2006. The decision to sell was motivated by the state of the market, says Kevin Judd, senior VP with ARA. "They plan to use the money to take advantage of other real estate opportunities across the nation," he says of the seller. The transaction is also in line with Altman's general strategy to develop, stabilize and then sell an asset, he adds.