JONESBORO, GA-Triple Net Properties LLC, a Santa Ana, CA-based investor in tenant-in-common transactions, has added the three-year-old, 256-unit Villas Apartments in this Atlanta suburb to its portfolio of over 30.9 million sf of commercial properties.
Triple Net paid Ohio-based Villas by the Lake LLC $19.9 million, or $77,734 per unit, for the 94%-leased complex located about 16 miles south of Downtown Atlanta and 10 miles from Hartsfeld-Jackson Atlanta International Airport.
The 12-building property consists of one-bedroom and two-bedroom apartments housed in two-story and three-story structures, according to Triple Net president Louis Rogers. In a prepared statement, he says the company's $4.2-billion portfolio includes 3.4 million sf of multifamily properties. Triple Net and its affiliates continue to scout for properties throughout the US, Rogers says.
Michael Frieman of Triple Net Properties and Gus Remppies and Jay Olander of ROC realty Advisors negotiated for the tenant-in-common buyers. Pender Murphy of Apartment Realty Advisors in Charlotte, NC represented the seller. Chris Troutman arranged acquisition financing through Wachovia Bank.
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