Southeast

MONTGOMERY, ALA. — A 520-unit apartment complex The Ashton located at 5600 Carmichael Rd. in Montgomery, sold for $21 million. Montgomery Property, a joint venture led by the private equity arm of a New York-based real estate firm The Modlin Group. The joint venture purchased the complex with a loan from an undisclosed New York-based commercial lender. Amenities include a fitness center, pool and volleyball court. The buyer was represented by Andrew Chonoles, Jason Polevoy, David Park and Greg Kramer of New York-based Kleinberg, Kaplan, Wolff & Cohen. Avery Modlin was The Modlin Group's lead principal. Broker information was not provided for the seller.

ALEXANDRIA, VA. — The 280-unit Alexan Carlyle in Alexandria, currently 93 percent leased, has sold for an undisclosed price. Amenities include an internet cafe, fitness center, game room, resort-style pool, a courtyard with a grilling area and more. A fund managed by Prudential Real Estate Investors purchased the property, who was not represented. The seller, a partnership led by Dallas, Texas-based Trammell Crow Residential, was represented by Dave Nachison, Alan Davis and Brenden Flood of Holliday Fenoglio Fowler's Washington, D.C. office.

CHARLOTTE, N.C. — Balfour Beatty Construction has partnered with Shelco, Inc. to build the 125,000-square-foot Mosaic Village Student Housing project, a new four-story, 300-bed building adjacent to Johnson C. Smith University's Charlotte campus. Groundbreaking will take place in April with construction starting in the summer. The project is expected to be complete in July 2012.

ABERDEEN, MD. — Kinsley Properties and Sherwood Partners announced plans to break ground in April on Fieldside Commons, four, four-story Class A office buildings totaling 500,000 square feet in Aberdeen. The owners have selected Cassidy Turley to lease the project. The first building, 120,000 square feet, is expected to open in January 2012.