The Wilkinson Group Inc. of Atlanta, which controls the selling entity, Sope Creek Phase IV LLC, sold the 24-acre property for $86,638 per unit. In August, Colony purchased Holland Park Apartments in Gwinnett County for $40 million. Colony plans to rename its acquisition Azalea Springs. The apartments are across the street from the Village of East Cobb Shopping Center.
Noel Rabb, president of the Wilkinson Group Inc., says the deal was done at this time because his company wants "to keep a presence in the east Cobb market as we see the area continually expanding." In a prepared statement, Rabb says "selling Phase IV, however, gives us a more manageable number of units along with the opportunity to profit from the increase in value."
The Atlanta office of CB Richard Ellis Inc. handled the Sope Creek and Holland Park apartment deals for Wilkinson. CBRE brokers Paul Berry, Kevin Geiger and Malcolm McComb participated. Colony represented itself.
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