(Read more on the multifamily market.)

ATLANTA-Irvine, CA-based Aslan Realty Group has acquired the 431-unit Heights at Lenox Apartments at 3200 Lenox Rd. for $41.45 million. The seller was JER/FSC Lenox, LLC. Due to the volatility in the debt markets, Aslan and its institutional equity partner paid all cash in the transaction.

The complex has units with one bedroom and one bathroom that range in size from 535 sf to 870 sf, units with two bedrooms and one or two bathrooms that range in size from 980 sf to 1,289 sf, and units with three bedrooms and two bathrooms that range from 1,375 sf to 1,560 and rent for $1,125 to $1,225. Occupancy level of the property was in the mid-90s at closing. Aslan Realty Group senior vice president of acquisitions Jay Burns tells GlobeSt.com that rents average $1 per sf, or $950 monthly.

The complex is located in the Buckhead neighborhood and is in close proximity to the Lenox Mall and Phipps Plaza. “This was a classic case of location, location, location,” Burns says. “It’s right in the heart of Buckhead with shopping and 20 million sf of office space in the area.”

Aslan plans to spend $5 million to $7 million on capital improvements on the property, $10,000 per unit on exterior work and $7,000 per unit on interior work, he says.

Aslan is planning to build a portfolio of more than 5,000 units in the Atlanta metropolitan area by the end of 2008. The company currently has three other multifamily deals in the works, with 1,500 units under contract to purchase. Those deals are expected to close within the next 45 days, Burns says.

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