ATLANTA- The 734-unit Crestview apartment complex inunincorporated DeKalb County near Decatur, Georgia in the Atlantametro, sold for $22.5 million, or $30,650 per unit, on April 15.Cushman & Wakefield brokered the sale for the seller, which wasGE Capital. Decatur is about 10 miles east of Atlanta. Thebuyer was B&M Management Co., based in Montgomery, Alabama.


Crestview, built in 1988, had been foreclosed on and was in GE’sreo portfolio, says David Gutting, executive director in Cushman& Wakefield’s Apartment Brokerage Services Group in Atlanta.Still he says that the sale of the property was not a distresssale, “because GE was happy to continue ownership of the asset, butCushman & Wakefield was able to find a buyer under a structuredfinance/equity arrangement that allowed GE to sell at this time andparticipate in the future upside of the property.”

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