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ATLANTA-Denver-based Simpson Housing Group has acquired the 249-unit Westchester at Buckhead at 3155 Roswell Rd. The seller, Englewood, CO-based Ameriton Properties Inc., was represented in the transaction by locally based Apartment Realty Advisors’ Atlanta team of Derrick Bloom, Sean Henry and John Weber. The sale price was not released, but according to Data Bank, of Atlanta, the property sold for $48.2 million.

Constructed in 2007 by Ameriton Properties, the complex consists of two mid-rise buildings surrounding a multi-level parking deck. Units are one-, two- and three-bedrooms ranging in size from 643 sf to 1,516 sf, with an average unit size of 980 sf. Among unit features are Italian cherry wood cabinets and stainless steel appliances in the kitchen and simulated marble counter tops with integrated bowls and Italian cabinet vanities in the bathroom. Complex amenities include a fitness center, two swimming pools, a media room and cyber café. The complex is approximately 60% occupied.

Bloom tells GlobeSt.com that Ameriton had constructed the building with the intention of selling the property. “When the buyer acquired the property, it was about 50% leased so they had to take some lease-up risk, but it was acquired at a good price,” Bloom says.

Bloom adds that the buyer was attracted to the acquisition because of its Buckhead location. “Westchester at Buckhead was a rare opportunity to acquire an out-of-the-ground class A property located in Atlanta’s most desirable and sought after submarket,” Bloom says. “Not surprisingly investor interest, especially from the institutional capital and pension fund buying groups, was strong from the start of the marketing process.”

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