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ATLANTA-The Dermot Co. of New York is leaving the metro area market with the sale of its only property here–the 24-year-old, 532-unit Dunwoody Club at 7700 Colquitt Rd., near Interstate 285, GA 400 and Perimeter Circle. Evergreen Development Co. of Pasadena, CA bought the 94%-leased asset for $37.5 million or $70,579 per unit.

Brokers Derrick Bloom, Sean Henry and John Weber of Apartment Realty Advisors negotiated for the seller. The buyer represented itself. “Dunwoody Club is an excellent example of a value-added acquisition in Atlanta,” Henry says. “The location of this property is minutes to the city’s largest office market and provides excellent access to all of the city highways and the Marta line.”

Henry tells GlobeSt.com the buyer doesn’t plan to convert the apartments to condos. “Evergreen plans a repositioning strategy for this property to take advantage of the recovering market,” the broker says. The asset was on the market for only 30 days but it took six months to complete the transaction, from contract signing to closing.

Dermot had owned the apartments since 1988. The average asking gross rent range is $740 to $1,400 per month with average rent at $953. The average living area of the units is 900 sf to $1,725 sf with the average size at 1,231 sf. There was no debt assumption involved in the deal.

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