ATLANTA-The college town of Morrow, GA, on the outskirts of Atlanta, has a new corporate property owner today in Jamco Properties Inc. of Atlanta. Jamco paid America First Properties of Omaha, NE $7.15 million, or $27,083 per unit, for the 264-unit, 35-year-old Morrowood Townhouse Apartments. The cap rate was 9%.

Class C multifamily properties in Atlanta suburbs continue to sell quickly, Marc Robinson of Southeast Apartment Partners tells “This property was on the market for about four to five months and was in escrow for about 75 days,” Robinson says.

Working with Robinson on the deal were Chris Johnston and Joshua Goldfarb. The Southeast team negotiated for America First and also found the buyer.

The 80%-occupied, 321,216-sf property is near Interstate 75 where Clayton College and State University are also located. Morrowood comprises 87 one-bedroom, one-bath units averaging 744 sf of living area; 53 two-bedroom, 1.5-bath units averaging 1,281 sf; and 124 three-bedroom, 2.5-bath units averaging 1,521 sf.

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