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CHICAGO-Jupiter Realty Corp. and Transwestern Investment Co.’s Aslan Realty Partners II, LP have teamed up to buy six suburban multifamily rental properties in the Atlanta and Orlando markets for $197 million. The seller, Atlanta-based Post Properties, Inc., developed the properties, totaling 3,008 units, nearly 20 years ago.

Five of the properties are in suburban Atlanta, led by the 752-unit Barrington Mill in Marietta, GA. In Dunwoody, the joint venture picked up the 494-unit Barrington Canyon. The 446-unit Barrington Court in Duluth, 410-unit Barrington Chase in Tucker and 166-unit Barrington Lane in Marietta also were acquired from Post Properties.

Meanwhile, the 740-unit Barrington at Mirror Lake in Apopka, FL, overlooking a 12-acre lake, also was acquired by the joint venture.

“The portfolio provided the rare opportunity to buy high-quality assets in bulk with attractive tax-exempt bond financing in markets we are already familiar with,” says Jupiter Realty Corp. chairman Donald A. Smith.

Larry Orr, senior director of the Apartment Group, LLC, represented Post Properties on the sale of the five Atlanta area properties. Apartment Realty Advisors principals Derrick N. Bloom and John W. Weber, along with vice president Sean P. Henry, handled negotiations for Post Properties on the Orlando property.

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