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ATLANTA-Locally based M-J Properties, a family trust, has sold a 41-acre parcel, zoned for multifamily development, to Roswell, GA-based Foundation Development for $1.5 million or $36,585 per acre (84 cents per sf).

The parcel is near the intersections of Cascade and Fairburn on the southwestern outskirts of Atlanta, just north of College Park.

Foundation, a division of Roswell-based PRS Companies, specializes in multifamily housing classified as affordable. It plans to develop an apartment community consisting of a minimum of 200 units.

Other area PRS properties include the conversion of 106-year-old Columbus Mills, about 100 miles southwest of Atlanta, into the 336-unit Johnston Mill Loft apartment complex, a 50/50 mix of affordable and market-rate units.

Locally based Southeast Apartment Partners represented M-J Properties in the land transaction and also found the buyer. Southeast was formed this February. The partners are Joshua Goldfarb, Chris Johnston, and Marc G. Robinson, managing director.

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