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ATLANTA-An affiliate of locally based Tarpon Development Corp. sees a development niche in the $8.85 million acquisition of the 32-year-old, 236-unit Valley Oaks Apartments off Shallowford Road Interstate 85, near St. Pius High School.

New York-based CLK Management Corp. was the seller. The Atlanta office of CB Richard Ellis Inc. represented CLC.

Tarpon CEO John Isakson calls the purchase “an excellent opportunity for us.” In a prepared statement, he acknowledges the property is “an older asset in need of substantial capital improvement.”

But, Isakson notes, the asset “offers the advantages of a proven infill location with tremendous value-added potential.”

Kevin Geiger, a CBRE senior vice president, notes in the same statement that “interest in apartment investments continues to be very good.” There have been 40 sales totaling $646 million this year to date versus 26 sales totaling $400 million in the first seven months of 2000.

“Multifamily housing, especially in a city with Atlanta’s historical growth, is too attractive for private and institutional investors to pass up,” Geiger says.

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