ATLANTA-A private investor from Connecticut paid $4.9 million,or $38,000 per unit, for the Gardens at Briarwood, formerly knownas the Highlands at Sutton Place, a 130-unit lender-ownedmultifamily property in Atlanta.
JMG Realty, a third-party management company based in Atlanta,which was the receiver, was technically the owner of the43-year-old property, says Paul Vetter, an associate vice presidentand director of the National Multi-Housing Group at Marcus &Millichap in Atlanta, who represented the receiver in thetransaction. CW Capital was the special servicer.
In May 2009, when the receiver was appointed for the property,the occupancy was 65%, says Vetter. But by the time Marcus& Millichap listed the property, it was 90% occupied, hesays.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
