ALPHARETTA, GA-Preserve at Deerfield — a 24-building apartment community with 11 carriage houses — sells for a whopping $55.5 million to an unnamed Invesco Realty Advisors client. Chicago-based Moran & Company’s southeast office represents seller Fairfield Properties LP in the deal, and calls the high price tag one of the largest ever attained for an Atlanta area apartment property.

The property currently offers 478 units, and construction is underway to add 158 more units by the spring of next year. There is also a 6,000-sf recreational facility and coffee bar at the complex.

Moran & Company partner Greg Engler explains in a statement that “one of the reasons the property was so well received was the high demand for apartments in the North Atlanta area.” He added, “there are virtually no apartments under construction today in north Fulton County.” To date, Moran’s southeast office has orchestrated about $250 million in transactions for 2001.

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