ATLANTA—PEM Real Estate Group has purchased theAdrian on Riverside apartment community here,adding to its multifamily portfolio in the Southeastern UnitedStates.
The acquisition of the 224-unit apartment community byScottsdale, AZ-based PEM Real Estate was announced by MultiHousing Advisors, which arranged the $21.15-million salefrom seller Adrian Park, LLC. RobertStickel of MHA's Atlanta office represented the seller inthe deal.
Adrian on Riverside at 5243 Riverside Drive was built in 2004and 2009, and was 95% occupied at the time of the sale. Amenitiesinclude a putting green, theater with surround sound, playground,covered car wash center, fitness center, billiard room, and a poolwith a large sundeck and picnic pavilion.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
