Atlanta Age-Restricted Community Commands $10M
- Feb 25, 2019
First Atlantic Capital has sold Highland Court Senior Residences, a 120-unit age-restricted affordable community in suburban Atlanta, for $9.6 million to The Hallmark Cos., according to Yardi Matrix. CBRE provided a $7.7 million Fannie Mae acquisition loan to the buyer. The mortgage matures in February 2029.
The new owner will directly manage the property. OneStreet Residential had handled operations for First Atlantic.
Located at 4150 George Busbee Parkway N.E. in Kennesaw, Ga., the three- and four-story building is near Interstate 75 and 5 miles north of the recently sold Mountain Park Estates. The community is adjacent to the 8.6-acre Wooten Lake, and it is positioned within a mile of a Publix-anchored shopping center and a number of other commercial properties along the Wade Green Road retail corridor.
Highland Court, which opened in 2003, contains both one- and two-bedroom apartments, with unit floorplans ranging from 650 to 1,000 square feet. Property amenities include a community room, two laundry facilities, a business center and approximately 240 parking spaces.
Image courtesy of Yardi Matrix