 |
| Jake Reid |
ATLANTA, GA
– Franklin Street announced the sales of two multifamily apartment properties
in Metro Atlanta for a combined $14.35 million.
Salem Chase Apartments in Conyers, Georgia,
and Delta Appletree Apartments in southwest Atlanta were both purchased by
out-of-state investors, indicating how Atlanta’s strong metro growth is
continuing to attract the interest of individuals across the country.
Franklin
Street’s Jake Reid and Roger Schoerner
represented the sellers.
Franklin Street arranged the $5.65 million
sale of the Salem Chase Apartments, a 64-unit rental community located at 50
Salem Chase Drive - roughly 20 miles
east of downtown Atlanta.The complex is made up of well-maintained one, two,
and three-bedroom units and sits on nearly 10 acres.
The property
is within walking distance of retail and restaurants, and a few miles from
Stonecrest Mall, Warner Brother movie studios, and the rapidly expanding
Stonecrest Sports Complex. The buyer, from New York, expects to see continued
upside as the surrounding area improves.
“Secondary markets appeal to investors seeking
a stronger yield as they usually consist of properties outside of the
investment criteria of many buyers, helping investors avoid greater
competition,” said Reid, a senior
director for Franklin Street's multifamily brokerage team in Atlanta. “The
record setting pricing of this asset illustrates that buyers are willing to
spend a premium to get a physically superior investment at a lower cap rate.”
 |
| Roger Schoerner |
Franklin Street arranged the $8.7 million sale
of Delta Appletree Apartments, a 210-unit complex located at 2328 Campbellton
Road in Atlanta. The transaction set a new pricing high for the southwest
Atlanta submarket.
Franklin
Street represented the New Jersey-based seller in this transaction and worked
with the lender to illustrate the operational upside, resulting in strong
agency terms for the buyer.
“Delta Appletree represents a great property
for investors seeking markets with limited new construction and shrinking
amounts of affordable housing,” said Schoerner,
an associate in Franklin Street’s Atlanta office.
“High construction costs
create an economic barrier to entry to more affordable markets, driving
increased investor demand to markets just beginning to witness the potential
rent growth.”
For more information on this
transaction, please contact:
Britni
Johnson • The Wilbert Group
1720
Peachtree St., Suite 350 • Atlanta, Ga. 30309
M:
912-580-7241
@beejie330
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