(Read more on the multifamily market.)
ATLANTA-Irvine, CA-based Aslan Realty Group has acquired the431-unit Heights at Lenox Apartments at 3200 Lenox Rd. for $41.45million. The seller was JER/FSC Lenox, LLC. Due to the volatilityin the debt markets, Aslan and its institutional equity partnerpaid all cash in the transaction.
The complex has units with one bedroom and one bathroom thatrange in size from 535 sf to 870 sf, units with two bedrooms andone or two bathrooms that range in size from 980 sf to 1,289 sf,and units with three bedrooms and two bathrooms that range from1,375 sf to 1,560 and rent for $1,125 to $1,225. Occupancy level ofthe property was in the mid-90s at closing. Aslan Realty Groupsenior vice president of acquisitions Jay Burns tells GlobeSt.comthat rents average $1 per sf, or $950 monthly.
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