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| Hunter's Grove Apartments, Austell, GA |
ATLANTA, GA (Oct. 14, 2013) – Bull Realty has arranged the
sale of the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview
Apartments, both of which are located in Austell, Ga., an Atlanta bedroom
community.
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| Parkview Apartments, Austell, GA |
Ernie Eden and Mike Terry of Bull Realty’s Apartment
Group were the only brokers involved in the two transactions.
Wilbarcol Ventures
purchased the two complexes, as well as a third Austell apartment community —
the 146-unit Kingsley Village Apartments — from QR Capital for just more
than $16 million. The cap rate on the sale was approximately 8.3 percent.
The buyer plans to
reposition the Class B assets by improving top-line growth, effectively
cross-managing staff, maintaining strong operating margins and improving the
community through focused management.
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| Kingsley Village Apartments, Austell, GA |
H.J. Russell & Co. will manage the complexes in
conjunction with Litehouse Partners.
“The
apartment-market performance in Atlanta continues to show strong growth,” Eden
said. “Occupancy has increased from 90.8 percent to 92.1 percent in the last 12
months, and 3,000 units were absorbed this summer alone. Rents have increased
to an average of $843 per month, an all-time high in Atlanta.”
“These properties meet the criteria that many investors are
currently seeking, and we are glad to have uncovered them and helped the two
parties negotiate and close,” Terry added.
Bull Realty Inc
(www.BullRealty.com) is a U.S. commercial real estate sales and consulting firm
headquartered in Atlanta. The firm was founded 15 years ago with two primary
missions: 1) to provide a company of stellar integrity and reputation, and 2)
to provide the best commercial real estate marketing in the nation.
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| Ernie Eden |
Ernie Eden has been
in real estate for more than 40 years, during which he has skillfully
negotiated and closed multifamily transactions for Freddie Mac, John Hancock,
SouthTrust and many other institutional clients.
His vast database of local and
national investors and his relationship with these investors are of invaluable
service to his clients, whether they wish to develop, purchase, or sell
apartment properties and apartment land across the nation.
Mike Terry is a
13-year veteran of Atlanta commercial real estate and is focused on assisting
clients in the acquisition and disposition of multifamily housing investments
in the Southeast.
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| Mike Terry |
As vice president of The Apartment Group, Mike manages his
group’s efforts to source opportunities for institutional and private-equity
clients and provide sellers with detailed marketing plans tailored to provide
best-in-class exposure to create optimum competitiveness.
For a complete copy of the company’s news release, please
contact:
Savannah Duncan
The Wilbert Group
O: 404.343.0870
C: 404.901.4433
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