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RICHMOND, VA-Cornerstone Realty Income Trust Inc. is increasing its multifamily presence in metro Atlanta with the $34.7 million purchase of two adjacent properties totaling 524 units in suburban Kennesaw, GA, 20 miles northwest of Downtown Atlanta.

Cornerstone paid Poplar and Enclave Housing Associates an average $66,221 per unit. The acquisitions bring Cornerstone’s total apartment portfolio to 18,976 units and represent 10% of the REIT’s inventory, up from 7% prior to the purchase.

Cornerstone owns and manages five other Atlanta area communities. The REIT now owns the 324-unit Poplar Place Apartments and the 200-unit Enclave at Poplar Place Apartments.

Poplar Place is a garden-style community with 18 two-story and three-story buildings built in 1989 on 27 acres. The average unit size is 925 sf.

Enclave, also a garden-style complex built in 1995, contains 11 two story and three-story buildings on 19 acres. The average size is 1,154 sf.

Cornerstone didn’t break out the individual prices of the two properties or note their occupancy levels in a prepared statement.

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