Cornerstone paid Poplar and Enclave Housing Associates an average $66,221 per unit. The acquisitions bring Cornerstone's total apartment portfolio to 18,976 units and represent 10% of the REIT's inventory, up from 7% prior to the purchase.
Cornerstone owns and manages five other Atlanta area communities. The REIT now owns the 324-unit Poplar Place Apartments and the 200-unit Enclave at Poplar Place Apartments.
Poplar Place is a garden-style community with 18 two-story and three-story buildings built in 1989 on 27 acres. The average unit size is 925 sf.
Enclave, also a garden-style complex built in 1995, contains 11 two story and three-story buildings on 19 acres. The average size is 1,154 sf.
Cornerstone didn't break out the individual prices of the two properties or note their occupancy levels in a prepared statement.
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