ATLANTA—At a time when Atlanta’s suburbs are seeing rising multifamily activity, the Clifton Corridor is flexing its muscle. This high-demand corridor just saw another multifamily property trade hands.
CBRE Capital Markets brokered the sale of Highland Lake Apartments, a 386-unit multifamily property in Decatur, GA. That’s northeast of downtown Atlanta.
CBRE’s Kevin Geiger represented the seller, Fairfield Highland Lake LLC. Financial terms of the deal were not disclosed.
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“Highland Lake remains one of the closest apartment communities to the Emory campus as nearly all land surrounding it is university-owned or developed with single-family neighborhoods,” Geiger, vice chairman at CBRE Capital Markets, tells GlobeSt.com. “The constrained availability of developable land in this market, in combination with the property’s significant upside potential makes this a great investment opportunity.”
The multifamily property is located at 10 Highland Lake Circle in the Clifton Corridor, which is home to Emory University, the CDC, and Atlanta VA Medical Center. Gamma Real Estate acquired the property for an undisclosed price.
Built in 1998 (Phase I) and 2000 (Phase II), Highland Lake features two swimming pools, a lake, clubhouse, barbecue and picnic areas, fitness center, pet park, and putting green. The multifamily property is 98.4% occupied.
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