Collins Group LLC has paid $138 million for an Alabama apartment portfolio. Collins bought the 2,331-unit portfolio of six apartment communities with partner Lightstone Group. The seller was Landmark Properties Trust.

"These are outstanding communities in the strongest markets in the area. Collins owns properties literally next door and across the street from these communities which have been shown themselves to be prime and pristine assets," says Ari Parnes, managing director at Collins Group.

Collins' Alabama portfolio currently stands at 5,000 units, with a gross value in excess of $300 million. This latest deal marks Collins' ninth Alabama acquisition.