Southeast Apt. Partners Close $6.4M in New Deals

The brokerage team of Marc Robinson, Chris Johnston and Joshua Goldfarb closed three area deals in the past 30 days, totaling 103 units and 102,800 sf for a total $6.44 million or an average $65,524 per unit. Two of the deals were condo conversions.

Gato LLC, a private partnership, paid Giaquinto Brothers LLC $2.1 million or $87,500 per unit for the 24-unit, 85%-occupied Royal Emory Apartments located in the intown neighborhood between Virginia Highlands and Morningside, two desirable infill residential areas. Gato and Giaquinto are Atlanta-based firms.

Rents for the 12 two-bedroom, 1.5-bath apartments are $850 per month. The 12 three-bedroom, 1.5-bath units command $950 to $1,000 per month. The seller plans to convert the 40-year-old, 27,000-sf property to condominium townhome units with a projected price range of $140,000 to $180,000 per unit.

In suburban Avondale Estates near Decatur, GA in DeKalb County, The Lansky Partnership LLP, controlled by longtime Atlanta investor Rubin Lansky, sold the 43-unit, 34,400-sf Avondale Villa Apartments to Gato for $2.01 million or $46,864 per unit. Lansky had owned the 70%-occupied, 45-year-old property for 30 years.

Rents at the two-bedroom, one-bath units are $550 per month for about 800 sf of living area.

"The new owner feels the property is very well located and is considering several change-of-use scenarios that would allow him to maximize the value of the property," Robinson tells GlobeSt.com. "These sales demonstrate that the private capital investment market continues to thrive, driven primarily by low interest rates and entrepreneurial investors."

In Greenville, SC, Atlanta-based CIMA paid Donigan Properties Inc. of Greenville $2.34 million or $65,000 per unit for the 36-unit, 95%-occupied Heritage Park Apartments located Downtown in an area experiencing rapid growth and renewed urban interest.

The seller plans to convert the 20-year-old, 41,400-sf property to condominum townhome units. Projected sales prices for the units are in the $120,000 to $130,000. Monthly rents for the two-bedroom, 1 1/2-bath units are $575 for about 1,150 sf of living area.

"The sale of Heritage Park represents one of the few condo conversion deals in Greenville, and suggests that demand for into condominium living is increasing," Goldfarb tells GlobeSt.com.