Chicago's Equity Marketing Buys Park Lane

ATLANTA-An unidentified pension fund advised by Heitman Capital Management of Chicago sells the 31-year-old, 18-story, 270-unit tower at fast-developing Peachtree Road and Lindbergh Drive for $28 million or $103,703 per unit. A condominium conversion could be in the works.

By Alex Finkelstein | Updated on July 25, 2001

ATLANTA-Sensing a niche for new residential and mixed-use developments at fast-developing Peachtree Road and Lindbergh Drive, Chicago-based Equity Marketing Services Inc. has purchased the 270-unit Park Lane apartments for $28 million or $103,703 per unit.

A condominium conversion could be in the works for the 31-year-old, 18-story tower, Equity Marketing president Herb Emmerman says in a prepared statement. Park Lane is across the road from several condo projects selling in the $500,000-plus range.

The seller was an unidentified pension fund advised by Heitman Capital Management, also of Chicago. In the deal, Kennedy-Wilson Properties Ltd., a division of Los Angeles-based Kennedy-Wilson Inc., lost its management contract to NAI Brannen/Goddard of Atlanta.

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