ATLANTA-Less than two years after it was built, a major portion of the 313-unit, five-story Block Lofts has been sold. Principal Real Estate Investors of Des Moines paid Southeast Capital Partners $34.1 million, or $139,754 per unit, for the 97%-leased, 244-unit apartment component of the project.
Southeast sold out the 69-unit condominium component in spring 2004, Southeast Capital partner Evan Cramer tells GlobeSt.com. Southeast developed Block Lofts in late 2004 at a development cost of about $31 million or $127,049 per unit. The apartments rent for an average $963 to $1,740 per month. The living area averages 600 sf to 1,480 sf.
Derrick Bloom and John Weber of Apartment Realty Advisors handled the sale of the apartment component. Block Lofts is at 767 Ralph McGill Blvd.
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