Locally based Coro principals Bill Bartlett and John Lundeen paid JRK Management of Los Angeles $19.55 million or a below-replacement cost of $47,451 per unit for the 75%-leased property. Josh Goldfarb and Marc Robinson of Atlanta-based Southeast Apartment Partners brokered the transaction, representing both parties.

The deal was done now because "the seller felt the improvements were at the end of their economic life and the land value was better used for redevelopment on an existing zoned piece of residential land," Robinson tells GlobeSt.com. "The demand for new affordable infill housing is insatiable in Atlanta."

The broker notes that, "The immediate neighborhood has experienced a great deal of redevelopment activity, fueled by the incorporation of the city of Sandy Springs." Jim Lippman and John McKee are the principals at JRK Management. They had owned the property for 11 years.

"The land value for new single family housing is clearly outstripping apartment redevelopment in Sandy Springs," Goldfarb tells GlobeSt.com. "The owners of the Cliffs realized this and decided to sell the asset." The broker predicts "the trend of tearing down class C apartments in class A locations will continue citywide." Goldfarb adds that this trend "represents the continued maturation of real estate in metro Atlanta."