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Arbors of Madison, a 204-unit multifamily community in Madison, Ala., has sold to an out-of-state investor for $10 million free and clear of debt. A multifamily buyer from the metropolitan New York area purchased the property from Atlanta-based Alexander Properties Group Inc. Situated on a 17.2-acre site, the Arbors of Madison is located at 7900 Old Madison Pike. The property has two-bedroom/one-bath, three-bedroom/two-bath and four-bedroom/two-and-one-half-bath units averaging 1,294 square feet. Community amenities include a swimming pool, clubhouse, sports court and playground. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...