ATLANTA-The 424-unit Summer Ridge apartment complex has been sold for $41 million to Birmingham, AL-based REIT Colonial Properties Trust.
Locally based Lane Co. sold the property through ARA Atlanta office representatives Derrick Bloom, John Weber and Sean Henry. Henry tells GlobeSt.com that Colonial plans to continue operating the property as an apartment complex. "The property is in pretty good shape so [Colonial] does not have plans for major capital improvements," Henry says.
The property features one-, two- and three-bedroom floor plans. Unit amenities include garden tubs, large gourmet kitchens, built-in bookshelves and fireplaces. Complex amenities include two swimming pools, clubroom with billiards, controlled-access gates, jogging paths, fitness center, two lighted tennis courts and an indoor racquetball court.
Henry adds that the property is located in the Duluth/Gwinnett submarket which is growing as the city's economic climate improves. "The lack of multifamily zoned land in this submarket, coupled with strong population and income projections, made Summer Ridge an excellent opportunity to participate in the emerging and inevitable recovery of the Atlanta marketplace," he says.
As of year-end 2005, Colonial Properties owned or managed 46,537 apartment units, 20.2 million sf of office space and 11.5 million sf of retail shopping space. The properties are located in Sunbelt states including Alabama, Arizona, Florida, Georgia, Louisiana, Maryland, Mississippi, Nevada, New Mexico, North Carolina, South Carolina, Tennessee, Texas and Virginia.
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