The transaction was part of a 1031 Exchange by buyer Fifield Co. of Chicago with Macon, GA-based Hathaway Co. The price of the four-year-old asset equates to $69,250 per unit, or $62.67 per sf for the 220,984-sf property. Walden Hills was 85% occupied at closing. The asking average base rent range is $768 to $1,026 per month.
John Brown, a senior investment specialist in Marcus & Millichap's Atlanta office, had the exclusive listing, representing the seller. Brown also found the buyer. He is also a senior director of Marcus & Millichap's National Multi Housing Group, a division of the company that focuses on multi-family investment sales. The division participated in the sale of 2,100 apartment properties valued at about $5.1 billion in 2003, according to Brown.
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