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ATLANTA-JP Morgan is purchasing the Lindbergh Vista Apartments in Buckhead, for $52 million. The luxury apartment complex, built by Vista Realty Partners, clocks in with 314-units. The sale was arranged by JP Morgan on behalf of unnamed institutional investors in an all-cash deal.

The property went to the market over a year ago with a heavily interested JP Morgan chomping at the bit. The buyer worked out a structured deal in October 2008 to purchase the property after a few conditions were met, David Gutting, executive director of apartment brokerage services for Cushman & Wakefield, tells GlobeSt.com. He explains that the purchaser was enticed by the advantageous commuter location and proximity to the MARTA public train system.

The property was roughly 20% to 30% leased at the time and was still in the midst of construction, so JP Morgan worked out a two-part payment system, Gutting explains. The company paid a large portion of the purchase price in October and stipulated that the second payment, completing the buy, would be contingent upon an occupancy rate of above 70% and a lease rate of on average $1.30 per square foot. Currently, rental rates are between $1.30 and $1.36 per square foot.

The Lindbergh Vista is a mixed-use property with street-front retail, boasting one- and two-bedroom units on average of 993 square feet. Located officially at 2591 Piedmont Rd., the property was built to be sold by Vista Realty Partners. Along with Gutting, C&W’s Chris Spain, Mike Kemether, Nathan Swenson, Brandon Whitesell, Steve West and Larry Orr repped the seller and procured the purchaser.

The units are renting on average between $1.30- and $1.36 per square foot. This was a goal of JP Morgan’s structured deal.

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