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CONYERS, GA-St. Germain, WI-based Eliason Inc. has acquired the 484-unit Lake St. James Apartments at 50 St. James Dr. with $25 million in acquisition financing. The first-mortgage financing was provided by Barclays Capital and carries a 6.2% initial coupon and four years interest-only followed by a 30-year amortization schedule.

CB Richard Ellis Capital Markets Group managing director Keith Braddish and VP Jason Gaccione, based in New York City, secured the financing. The loan funded a portion of the acquisition price, which was not released, Gaccione tells GlobeSt.com. “The property is well occupied, it was a solid deal and Eliason, which owns other assets in the area, is very familiar with the market,” he says.

Built between 1998 and 2000, the complex has units that average 1,000 sf and feature up to nine-foot ceilings with crown molding. Units range from a one-bedroom, one-bathroom unit that is 654 sf and rents for $625 to a three-bedroom, two-bathroom unit that is 1,424 sf and rents for $1,010. Some units have private patios and balconies. Amenities include a fitness center, business center, swimming pools, tennis courts, playgrounds and a car care service center.

Located on 50 acres within Rockdale County, Lake St. James is part of the Interstate 20 corridor. The region has a strong manufacturing base and is home to more than three dozen Fortune 500 firms.

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