(Read more on the multifamily market.)

MARIETTA, GA-Atlanta-based Claret Capital LLC has acquired two apartment communities, the 400-unit Highland Trace Apartments and the 181-unit Highland Heights Apartments, for $25.5 million. This is the first purchase for Claret Capital, which was recently formed and is headed by Lee Terry.

Atlanta-based Miles Properties sold the properties. Atlanta-based Brown Realty Advisors multifamily specialists Judy MacManus and Phil Carabillo represented Miles Properties.

Highland Trace is located along the Franklin Road corridor. Built in 1973 and 1975, the property will undergo interior and exterior improvements including the construction of a new leasing center/community center. Highland Heights, located on Chamblee Tucker Road and Interstate 85, was recently renovated by Miles Properties. The property features one- and two-bedroom units ranging in size from 850 sf to 1,265 sf with rents averaging $701. Claret plans to further renovate the unit interiors and upgrade the clubhouse/community center.

The apartments are located in an area that has seen significant improvement in recent years. Marietta was awarded by the Atlanta Regional Commission in the Community Building and Involvement Category for its work to improve the Franklin Road area.

“The sale of Highland Trace and Claret Capital’s planned renovations/improvements to Highland Trace reconfirm our belief in the Franklin Road corridor turnaround,” MacManus tells GlobeSt.com. “The recent award by the Atlanta Regional Commission further demonstrates that the Franklin Road community is heading in the right direction.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.