 |
| Clifton Ridge Town Homes, Marietta, GA |
MARIETTA, GA (Oct. 8, 2012) – Bull Realty has brokered the
$6.6 million sale of Clifton Ridge Town Homes, a 152-unit apartment
complex located northwest of Atlanta at 676 Horizon Place in Marietta. Clifton
Ridge LLC, a partnership of investors from Canada and Florida, purchased the
property from Atlanta-based Cortland Partners.
Bob Wilkerson, an associate at Bull Realty and a past
chairman of the Norcross (Ga.) Downtown Development Authority, represented the
buyer in the transaction. Nathan Swenson of Cushman & Wakefield represented
the seller.
 |
| Bob Wilkerson |
“The deciding factors for the seller were the short
due-diligence period (14 days) and the ability to close within 60 days,”
Wilkerson said. “Financing through Fannie Mae was originally considered, but
its insistence on the buyer hiring an independent property management company
made the deal economically unfeasible. EverBank then offered a 50 percent
recourse loan with favorable terms, and the deal closed.”
The $4.62 million in financing for the complex, formerly called
the Highland Court Apartments, was arranged by Clark Jenkins at Capital
Advisors.
Built in 1972 and renovated in 2011, the 12.6-acre Clifton
Ridge Town Homes is located between Interstate 75 and Highway 41. Units come in
two- and three-bedroom configurations and range from 925 square feet to 1,500
square feet. The property’s amenities include a clubhouse with Wi-Fi,
playground, picnic area and grill stations.
Wilkerson first worked with the Canadian buyers involved in
the transaction in 2004.
For More Information, Contact
Stephen Ursery
Wilbert News
Strategies LLC
404-965-5026
No comments:
Post a Comment