Apartment Group Brokers Five Sales for $41.7 Mil on 1,241 Units

ATLANTA-The Apartment Group has brokered five sales in three states totaling 1,241 units valued at $41.7 million. The units sold for an average $33,602.

In Atlanta’s South Fulton submarket, locally based Jamco paid Bank of America $11.7 million or $32,143 per unit for Chester Ridge, a 364-unit community on Campbellton Road. The complex comprises 35 two-story buildings with 390,084 rentable sf on 27 acres.

In the suburbs, locally based Victory Group purchased the 130-unit, 167,050-sf Parc View Estates in Decatur, GA from Miles Properties of Atlanta for $4.7 million or $36,154 per unit.

Residential Properties Trust of Chicago sold the 74-unit, 44,928-sf Norwood Apartments in Lilburn, GA to B&M Enterprises of Montgomery, AL for $3.2 million or $43,243 per unit.

B&M also bought the 514-unit, 539,754-sf Flagstone Apartments from General Investment & Development of Boston for $18.5 million or $35,992 per unit.

The Apartment Group represented Atlanta-based Investors Realty Group in Greenville, SC where Boston-based Churchill Forge bought the 159-unit Continental community on Glenwood Road for $3.6 million or $22,642 per unit. The 6.9-acre property comprises 20 two-story buildings with 131,838 rentable sf and average units size of 829 sf.

Brokers Chris Spain, Larry Orr, Drew White and John McGannon of the Apartment Group handled the transactions.

In 2000, the brokerage completed 43 deals involving 11,366 multifamily units valued at $661 million. So far this year, the Apartment Group has done 26 deals with 6,100 units valued at $299.2 million. Last year at this time, the firm handled 19 sales.