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ATLANTA-The local office of Dallas-based Lincoln Property Co. buys Gentry’s Walk from Gentry’s Walk Limited Partnership, an affiliate of Irving, TX-based Archon Group, for $15.7 million.

The 228,135-sf, 227-unit multifamily apartment complex in DeKalb County was built in 1990. Lincoln paid approximately $69,273 a unit, or about $69 per sf.

Chuck Shallat, operating partner of Lincoln’s Atlanta office, tells GlobeSt.com the property is 92% occupied and units rent for an average of $875. “It fits very well within our value-added program,” he says.

This is the first sale from a 34-property nationwide portfolio with more than 11,000 units and an aggregate price of $600 million being sold by Archon.

Gentry’s Walk is one of three Atlanta properties in the portfolio. The others are Hunter’s Bay, a 724,800-sf, 601-unit apartment complex with average rents of $665 a unit, and Chelsea Park, a 827,000-sf, 376-unit multi-housing property where rents average $766 a unit.

The Atlanta office of Los Angeles-based CB Richard Ellis is handling the sale of the Archon portfolio. Kevin Geiger, senior vice president and head of the multi-housing group in the Atlanta office, tells GlobeSt.com that Hunter’s Bay and Chelsea Park are “under agreement and will close in the next six weeks.”

Ellis began marketing the portfolio in March. In a written statement, the company says “approximately $200 million is expected to close by the end of this month, with the rest of the portfolio expected to close during the third quarter of the year.”

Archon, a commercial mortgage loan and real estate investment management company, is a subsidiary of the Goldman Sachs Group in New York.

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