News
3 BIG APARTMENT SALES YOU SHOULD KNOW
May 14, 2012
| Pole vault. Weightlifting. Table Tennis. Buying apartments. What do these have in common? All but one are Summer Olympic events. But honestly, all of them should be. For CRE fans, multifamily investment is really the Olympic event to watch during this new CRE cycle. Today, we bring you three recent medalists: | ||
| 1. AXIS AT PERIMETER | ||
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| Jones Lang LaSalle's Derrick Bloom, David Gutting, and Elliot Howell brokered the sale of Axis at Perimeter, a 312-unit luxury apartment complex at Ashford-Dunwoody Road and Perimeter Center East. Prudential purchased the 94%-occupied apartment from Lane Co for more than $50M, according to Databank. (As you can see from the fire trail on the street, Roadrunner recently toured the apartment.) | ||
| 2. THE RETREAT AT WINDY HILL | ||
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| The RADCO Cos have swept in to buy what is now being renamed Ashford Retreat, a 654-unit distressed apartment property on Windy Hill Road in Cobb County for $18.1M. RADCO's CEO Norman Radow says this property is part of its ?turnaround story? of ?righting distressed or challenged real estate developments.? Despite its location, Norman says the property ?suffered operationally? and is the lowest performing property in that particular submarket. | ||
| 3. CENTENNIAL RIDGE | ||
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| Atlanta-based Cortland Partners, in a JV with Harbert Management Corp, purchased Centennial Ridge, a 664-unit complex in Roswell for $38.7M. After a planned $10M renovation program, the community will be renamed Park 83 (because 82 has been retired by the National League East). It's also another case of a turnaround, where Cortland officials hope the renovations will enhance rents. |
