St. Louis-based Michelson Realty Co. bought the property at 3501 Terrace Springs Drive in Louisville from Columbus, GA-based Flournoy Development. The gated community near Interstates 71, 264 and 265 has one- to three-bedroom rental apartments with 92% occupancy.
"The buyer recognized a unique opportunity to purchase a quality asset with a high occupancy rate in a great location," says Nathan Swenson, an associate with Cushman & Wakefield Apartment Brokerage Services in Atlanta. "The seller recognized the merits of the offer and was able to get this transaction closed in the midst of a challenging investment sales market."
Swenson was one of eight Cushman & Wakefield brokers who represented the seller and procured the purchaser. The Atlanta-based multifamily brokerage team has sold more than 85,000 units totaling $5.5 billion.
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