ATLANTA—Distressed and run down—and attractive to an Atlantamultifamily investor. A portfolio of threemultifamily assets just traded for a total of$6.75 million. The value-add portfolio offers 521 units.
John Stone, principal and managing director ofMulti-Family Housing for Colliers International TampaBay, worked with Ron Cameron, senior vicepresident of Colliers International Atlanta and RobertSelton, president and CEO of Colliers InternationalNortheast Florida, to broker the deal. Colliers represented theseller, The Harbor Cos.
“These properties were very distressed and run down,” Stonetells GlobeSt.com. “They need more than $10,000 a unit inrenovations to restore to full operating condition. Replacementcost would have been around $100,000 a unit, but it is hard to usereplacement cost as a rule of thumb on a 1970s vintage asset.”
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