Wednesday, June 19, 2013

$49.5 Million Multifamily Portfolio Sale in Atlanta, GA Arranged by Marcus & Millichap

  
Part of the nine-property apartment portfolio solid in Atlanta, GA

  
ATLANTA, June 19, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold a nine-property apartment portfolio in Atlanta.

Paul Vetter
The properties are located north of Buckhead on Buford Highway, and are flanked by Brookhaven and Druid Hills. The sales price is $49,550,000. The properties in the portfolio are:

  • ·         Cross Keys Cabana Apartments, 199 units
  • ·         Hallmark Apartments, 154 units
  • ·         Parkway Apartments, 111 units
  • ·         Garden Grove, 128 units
  • ·         Continental Village, 158 units
  • ·         Parkview Terrace, 135 units
  • ·         Majestic Village, 62 units
  • ·         Monaco Garden, 132 units
  • ·         Montego Garden, 108 units

            Paul Vetter and Andrew Mays, vice presidents investments in the Atlanta office of Marcus & Millichap, represented the seller, a prominent national real estate company based in Yakima, Wash. that currently owns more than 2,000 units in metro Atlanta. The local buyer, Marquis Investments, owns approximately 5,000 units in Atlanta.

Andrew Mays
             “The timing of this transaction made it beneficial to both parties,” says Vetter. “The seller brought the portfolio’s NOI from $2.5 million to $4 million in 11 months and took advantage of Atlanta’s rising apartment market. The stabilized NOI and 8 percent cap rate are favorable to the new owner, who is now in a perfect position to capitalize on long-term growth and land value appreciation, especially on the four best-located assets,” adds Vetter. 

“Job growth in Atlanta will lead the nation this year and spur additional demand for housing,” comments Mays. “Improving conditions are attracting many investors, including first-time and international buyers. Financing in the metro is readily available, as local and regional banks are becoming more aggressive and CMBS lending regains momentum,” Mays concludes.
  
 For a complete copy of the company’s news release, please contact:

Ben Johnson
Marketing Director
(925) 953-1736

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