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DECATUR, GA-Pittsburgh, PA-based McKinney Properties has purchased Lincoln at Decatur, a 252-unit class A community, for $29 million, or $115,079 per apartment. The transaction was arranged by locally based Apartment Realty Advisors on behalf of the seller, a joint venture between Atlanta-based Lincoln Property Co. and Dallas-based Invesco Real Estate. The acquisition was financed through McKinney’s self-managed private equity fund, according to ARA.

The property, located at 1575 Clairmont Road, was built in 1989 and recently underwent major capital improvements including new roofs and renovated interiors with new appliances, cabinets, lighting and hardware. The total value of the renovations was approximately $12,000 per unit, Derrick Bloom, partner with ARA, tells GlobeSt.com.

“Lincoln at Decatur remains competitive with newer communities thanks to its many amenities and high-quality, low-maintenance construction features,” says Bloom. “Strong property performance and the good physical condition of the [property] enabled McKinney to acquire an asset with solid fundamentals and additional upside potential.”

Lincoln at Decatur is currently 96% occupied with average monthly rents at about $1.10 per sf. Most of the tenant base is affiliated with surrounding institutions in Decatur including the 600-acre Emory University campus, the US Centers for Disease Control and Prevention, and Veterans Administration Hospital.

ARA states that 45% of the tenant base is associated with Emory University. The proximity of the school and health institutions was a major draw for buyer McKinney, says Bloom, adding that the company has been seeking well-located assets in the Atlanta area for a while.

The joint venture on the property between Lincoln and Invesco decided to sell the property after holding it for five years, as planned. “They’ve done a number of deals together and Lincoln is a big venture partner with Invesco across the country,” says Bloom.

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