The property, located at 1575 Clairmont Road, was built in 1989and recently underwent major capital improvements including newroofs and renovated interiors with new appliances, cabinets,lighting and hardware. The total value of the renovations wasapproximately $12,000 per unit, Derrick Bloom, partner with ARA,tells GlobeSt.com.

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"Lincoln at Decatur remains competitive with newer communitiesthanks to its many amenities and high-quality, low-maintenanceconstruction features," says Bloom. "Strong property performanceand the good physical condition of the [property] enabled McKinneyto acquire an asset with solid fundamentals and additional upsidepotential."

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Lincoln at Decatur is currently 96% occupied with averagemonthly rents at about $1.10 per sf. Most of the tenant base isaffiliated with surrounding institutions in Decatur including the600-acre Emory University campus, the US Centers for DiseaseControl and Prevention, and Veterans Administration Hospital.

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ARA states that 45% of the tenant base is associated with EmoryUniversity. The proximity of the school and health institutions wasa major draw for buyer McKinney, says Bloom, adding that thecompany has been seeking well-located assets in the Atlanta areafor a while.

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The joint venture on the property between Lincoln and Invescodecided to sell the property after holding it for five years, asplanned. "They've done a number of deals together and Lincoln is abig venture partner with Invesco across the country," saysBloom.

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