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STOCKBRIDGE, GA-St. Germaine, WI-based Eliason 1031 Properties Inc. has acquired the 400-unit Waterford Place at Mount Zion at 3196 Mount Zion Rd. for $33.25 million, or $83,125 per unit. Denver-based Simpson Housing Group sold the property.

Constructed in two phases in 1996 and 2000, the complex is 95% occupied and features one-, two- and three-bedroom units. Rents range from $700 to $970. Among amenities are two swimming pools, two car care centers and detached garages. The property is located 20 miles south of Downtown Atlanta in the South Clayton/Henry County submarket. It is located in close proximity to Interstate 75 and Interstate 675 and is seven miles south of the Hartsfield-Jackson Atlanta International Airport. It is also located minutes away from the Southlake Mall.

Simpson Housing Group, was represented by Apartment Realty Advisors Atlanta team of Derrick Bloom, Sean Henry, Richard Bell and John Weber. “This transaction is truly a win-win for both parties,” Bloom says, in a released statement. “The seller, Simpson Housing, added 200 units to the property when they developed phase two and increased occupancy to 95%. The timing was right for the sale given the property’s occupancy and position in the marketplace.”

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