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ATLANTA-New York-based Empire Group outbid 25 competitors with a $33.5 million offer to buy the 21-year-old, 608-unit, 90%-leased Northridge Lake Apartments complex in suburban Dunwoody/Sandy Springs from Sentinel Real Estate Corp., also of New York.

The closing price for the 507,640-sf property equates to $55,099 per unit. Larry Orr of the Apartment Group in Atlanta was marketing the property for five months. Occupancy “had been as high as 98% at the beginning of our marketing campaign,” Orr tells GlobeSt.com.

According to the Henson Report’s midyear report, the occupancy rate for the Dunwoody/Sandy Springs submarket was 93.5%.

Sentinel, formerly a real estate division of Smith Barney, had a pension-fund client that wanted to sell the property, Orr says. “They had a certain holding period and they were at the end of that holding period and decided to take it to market,” the broker says.

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