NORCROSS, GA-Chicago-based private investor JRC Acquisition Corp. has acquired the 376-unit Chelsea Park Apartments at 3352 Chelsea Park Lane for $18.6 million. The seller was lending institution D.B. Propco BP.
"Chelsea Park offers an attractive return to JRC Acquisition Corp. with the ability for them to create additional value through hands-on management and leasing," says Jon Kleinberg, investment service broker and managing director at Transwestern. The property is well-positioned in terms of unit mix, unit size and amenities to capitalize on its location and capture a significant portion of the target market of potential tenants."
Kleinberg and Transwestern colleague Mike McGaughy, also investment service broker and managing director, repped D.B. Propco BP.
Built in 1987, Chelsea Park is located approximately five miles outside of Interstate 285, northwest of Peachtree Industrial Boulevard in the Peachtree Corners submarket. The location provides access via Interstates 285 and 85 to all major employers in the area. The property was 86% occupied at the time of the sale.
Kleinberg tells GlobeSt.com that the property was acquired as a value-added opportunity. "The buyer plans to put some money into the property," he says.
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