(To read more on the multifamily market, click here.)

ATLANTA-Locally based private investor Uptown Buckhead LLC has acquired the 216-unit Ivy Chase apartment complex just north of the intersection of Piedmont Road and Roswell Road for $20.3 million. The seller was private investor Ivy Chase Associates LLC .

Ivy Chase Associates was represented in the transaction by locally based Transwestern investment service brokers and managing directors Mike McGaughy and Jon Kleinberg. Kleinberg tells GlobeSt.com that the property was sold because it was time in the investment cycle to sell the property. He adds that the buyer plans to make some capital improvements to the property’s interior and exterior in an effort to rise rents. “The buyer felt it was a good opportunity to buy property in a good location,” he says.

Built in 1989, Ivy Chase is located a short distance from Buckhead’s financial district, Lenox Square, Phipps Plaza, Peachtree Road, area hotels and boutique shops. “We were able to generate an exceptionally high number of offers for Ivy Chase from investors wanting to reposition the asset,” McGaughy says. “The seller was pleased with their investment and the buyer is enthusiastic about Buckhead’s continued growth.”

Kleinberg adds that a large amount of both debt and equity capital and a lack of alternative investments is driving interest among buyers across the county seeking to acquire real estate in Atlanta. “Investor demand remains strong for Atlanta multifamily communities,” he says.

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