The seller is Atlanta-based Felker Properties Inc., a company that is exiting the business because the principals of the company have decided to retire, according to principal Don Nichols. Felker plans to sell the remaining three properties it owns in Atlanta over the next two years, he says.

All seven class B and C properties were managed by Felker affiliate Apartment Home Properties in Atlanta, but are now managed by Audubon, which is leading a rebranding process under which the names of the communities are being changed as well as improvement programs put in place. A spokesperson for the Praedium group says the company cannot provide additional information at this time.

The properties include Pinewood Apartments, renamed Audubon East at Fairington, a 300-unit complex built in 1972 in Lithonia. Fairburn Townhouses, a 132-unit community in Fairburn also built in 1972, is now known as Audubon Town & Country. The portfolio also includes Ambers Apartments, a 100-unit community in Norcross; Oakcrest Apartments, a 126-unit property in Oakwood; Springfield Bridge, with 98 units in Lawrenceville; Stoneybrook Apartments, which contains 94 units in Conyers; and Nova Hill, an-88 unit community in Stockbridge.

"These assets have underperformed due to a lack of capital. However we believe they are well-situated within their individual submarkets and benefit from their proximity to highways, Hartsfield-Jackson International Airport, area hospitals and medical centers, and numerous other employment generators in the Atlanta metropolitan area," Mark Lippmann, director and head of the southern region for Praedium Group, said in a release. "Solid demographic fundamentals make Atlanta an especially attractive target market for investment."