ATLANTA- A joint venture of Charleston, SC-based Greystar and GE Capital has acquired the 296-unit Tiburon at Buckhead apartment complex for $30.7 million.

The complex is located on an eight-acre site at 740 Sidney Marcus Blvd. The nine three- and four-story buildings are comprised of one- and two-bedroom units averaging 867 sf. "The building is in as rock solid a location as you'll find in Atlanta," Greystar investment principal Ryan Knapp tells GlobeSt.com. "It's an irreplaceable asset in a great location."

Knapp says Chris Riley, who is the head of Greystar's Atlanta office, was instrumental in the transaction. He adds that the company plans to do some renovations to the property, such as interior upgrades, but that it will be kept as an apartment building. Under land use restriction, the property cannot be converted to condominiums. "We will be happy to hold this asset for many years," he adds.

Greystar and GE Capital formed a joint venture partnership more than a year ago with the goal of acquiring $500 million in multifamily properties. Thus far, the partnership has acquired 14 properties with a capitalized value of $400 million, Knapp says.

New York-based CharterMac provided a $28-million first mortgage bridge-to-permanent loan through ARCap, CharterMac's newly acquired fund manager, for the transaction. The loan was arranged by Holly Minter and Tom Fish in the CBRE/Melody's headquarter office in Houston.

Those involved in the transaction note that the Buckhead neighborhood, located about five miles from Downtown, has been experiencing tremendous growth in recent years. "The Tiburon at Buckhead is a great option for Atlanta residents that are searching for both a desirable place to live and easier commuting solutions," says Roger Wyche, director of loan originations in CharterMac's Dallas office.