Monday, October 8, 2012

Bull Realty Brokers $6.6 Million Sale of Suburban Atlanta Apartment Complex



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

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