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JONESBORO, GA-The Irvine, CA-based Bascom Group has acquired the 218-unit Highland South Apartments at 221 Upper Riverdale Rd. for $7.5 million, or $34,404 per unit. The seller was PAMI Highland South LLC.

Built in 1972, Highland South has 168 units with two bedrooms and two bathrooms and 50 units with three bedrooms and two and one-half bathrooms. Units range in size from 1,200 sf to 1,500 sf with an average size of 1,269 sf. Asking rents range from $669 to $879.

PAMI Highland South, was represented by Jon Kleinberg of Transwestern Commercial Services. Debt and equity financing was arranged by Robert LaChapelle, Matthew Forgione, Troy Tegeler and Brian Eisendrath, of CBRE Melody. Chad Sanderson, Jeffrey Fuller and Erich Pryor handled the transaction for Bascom. RAM Partners will be providing property management services for the property.

With a thriving economy and strong job growth, Atlanta’s apartment market has been thriving in recent years. Vacancies have dropped while rents have increased, according to a Marcus & Millichap apartment market report. “The metro’s economic rebound has fueled tenant demand, which has helped to solidify apartment market conditions,” says Marcus & Millichap Atlanta office regional manager John Leonard. “For investors, Atlanta offers both stability and potential for appreciation, as economic and demographic trends support long-term strength in apartment fundamentals.”

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