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ATLANTA-With an eye on location, San Diego-based Fairfield Residential has acquired the 12-year-old, 296-unit Buckhead Crossing Apartments located directly across Sydney Marcus Boulevard from the 379,230-sf Lindbergh Shopping Plaza where the Sembler Co. of Clearwater, FL and Noro Broadway Holding Co. of Atlanta are planning a $120-million development.

Fairfield paid an undisclosed private Atlanta-based seller $23.6 million or about $79,730 per unit for the 95%-leased property, according to brokers in a position to know. Michael A. Crawford, vice president of Brown Realty Advisors and Bernard Mannelly of Bullock Mannelly Partners, both locally based, negotiated for the seller. The buyer represented itself.

“The current bond financing is more attractive than any permanent or interim program in the market today,” Crawford tells GlobeSt.com. “The current financing, a bond allocation through the Urban Residential Finance Authority of the city of Atlanta, allowed the seller to take advantage of historically low short-term rtes while enjoying the longer-term benefits of having financing in place for an additional 26 years.”

The property was on the market only 45 days. The transaction took another 180 days to complete, from contract signing to closing. The seller had owned the property since its development in 1992. The average asking base rent for one-bedroom, one-bath apartments is $785 to $870 per month; and $1,075 to $1,115 per month for two bedroom, two-bath units. The one-bedroom units have 635 sf to 740 sf of living area; the two-bedroom, two-bath units average 1,130 sf.

Brown Realty Advisors focuses primarily on apartment investment transactions. The company has completed more than $500 million in transactions during the past 24 months, Crawford says.

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