The development consists of 28 two-story buildings with two and three bedroom units, which have an average of 1,472 square feet. There are 224 units altogether.

At the Cottages at Stoney Creek, which was finished in 2006, 64 of the units were sold to individual buyers, for an average of $150,000, says Erik Bjornson, a Walchle Lear broker who worked on the deal. The largest units went for $200,000, he says.

The project, located on approximately 80 acres, was developed by the Jacksonville, FL-based Vestcor Companies, a real estate firm specializing in multifamily development, apartment leasing and commercial construction. In the multifamily sector, Vestcor has developed everything from affordable, tax-credit apartments to luxury high-rise condominiums.

Bjornson, declined to reveal the identity of the bulk buyer of the Cottages at Stoney Creek units, except to say it was a private investment group.

Amelia Island is a residential community with a mix of single family homes and condominiums, says Bjornson. The single family homes date from the 1970s and 1980s, while the condominiums were built mostly from the late 1980s through the early 2000s, he says.

Amelia Island has "mixed demographics," says Bjornson. There is a Ritz Carlton on Amelia Island and there are parts of the island which are not luxurious at all, he says. The Cottages at Stoney Creek Condominium, which is not on the ocean, is somewhere in the middle, says Bjornson.