ATLANTA-Colonial Properties Trust of Birmingham, AL and the Purchase, NY-based Tuckerman Group have acquired a 20% ownership interest in the six-year-old, 358-unit Huntcliff Village apartment community here. T.A. Associates Realty of Boston was the seller.
The joint venture partners paid $38.8 million, or about $108,380 per unit, for the 95.6%-leased property, according to a prepared statement by Colonial. The transaction marks the partners' second deal in the past eight months.
"This acquisition allows us to continue to grow and develop our portfolio in the Atlanta market which is part of our high-growth Sunbelt strategy," says Paul Earle, executive vice president of the company's multifamily division.
The eight-year-old Tuckerman Group is jointly owned by Boston-based State Street Corp. and ABP, a Dutch pension fund. The Tuckerman Group manages more than $800 million in real estate assets, according to the firm's website. Charles Lauckhardt is the company's chairman and CEO. The group has two divisions, Tuckerman Investors and Tuckerman Securities, and two satellite offices in Boston and Chicago.
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