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.