Windsor Fund Sells Apartment Asset for Record Price

ATLANTA-In one of the biggest apartment sale deals of the year here, Chicago-based Group One Investments paid Windsor Realty Fund-1, an affiliate of Boston-based General Investment & Development Co., $53.7 million for Windsor at River Heights. The 632-apartment complex is located about 18 miles northwest of Atlanta.

The sales price is the highest this year for a multi-family product and one of the highest in Atlanta’s real estate history, according to DataBank, an Atlanta-based transaction-tracking group.

The former Trillium Tower, now One Buckhead Loop, previously sold for $45 million or $195,652 per unit. The Trillium’s per-unit price is considered the highest recorded in Atlanta commercial property annals.CB Richard Ellis Inc. negotiated for General Investment & Development in the River Heights transaction.

The property is adjacent to the Atlanta Country Club and the Chattahoochee River National Reacreation Area in east Cobb County. The buyer plans to rename the asset River Heights Apartments.

Chicago One Group entered the Atlanta market in 1997 with the purchase of Howell Station, an apartment complex in Duluth, GA, 38 miles northeast of the city. The company plans to expand its portfolio in metro Atlanta and the Southeast, designating River Heights Apartments as its flagship property.

General Investment & Development expects to sell about $200 million in multi-family properties this year from its Windsor Realty Fund-1.