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| 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.
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| 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.
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| 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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