(To read more on the multifamily market, click here.)

MARIETTA, GA-In a deal that took 10 months to complete, locallybased Synergy Lake Oconee LLC has purchased 1,000 acres on LakeOconee in Morgan and Putnam counties from Atlanta landowners JimCombee and Chancey Shepherd for $10.2 million or $10,200 per acre(23 cents per sf). The locally based developer partnership plans tobuild a $65-million development on the site, about 60 milessouthwest of Downtown Atlanta.

The developer partnership, which includes locally based SynergyRealty Services, plans an undetermined number of townhomes, villas,condominiums and single-family residences on the site. David E.Arnal, who heads up planning and permitting for Synergy, tellsGlobeSt.com the anticipated price range for the homes will be fromthe mid $200,000s to the $1 million-plus.

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