Seller Archon Group LP of Dallas was seeking $12 million for the 32-year-old, 222-unit complex. The Fountains of Woodlake was part of a $600-million multifamily portfolio that Archon put on the market in February. Craig LaFollette, senior vice president for the Houston office of CB Richard Ellis Inc., tells GlobeSt.com that all but four are sold or under contract. Three are due to be optioned within a week and the other is in negotiations, he says.
LaFollette, J. Todd Stewart, senior vice president, and Todd Marix, vice president, represented Archon in the sale of the Fountains of Woodlake. L.J. Melody's Tom Fish and Holly Minter in the Houston office were the loan originators, securing the acquisition loan through Berkshire Mortgage Finance.
The Fountains of Woodlake will be retrofitted with extra power outlets and high-speed 45-bit Internet connections, on-site Internet cafes, group Intranet and a multimedia theater to watch tech-friendly movies like Star Trek and X-Files. The property, like the rest of Stone Mountain's facilities, will be branded as a Walden Internet Village.
LaFollette says Stone Mountain has 1,645 units tailored to the techno crowd. Stone Mountain will gradually retrofit the 94%-occupied Fountains of Woodlake as units turn over. The buyer particularly liked the complex's flat roofs, which make it easier to add additional power, LaFollette says.
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