DEAL OF THE DAY: ARA Arranges Sale of 390 Units for $47M
- Jul 21, 2008
By Anuradha Kher, Online News EditorAtlanta–Apartment Realty Advisors (ARA) recently represented Centerville, Ohio-based The Connor Group in the $47 million sale of two multifamily properties, totaling 390 units, located in Atlanta’s Perimeter Center and Decatur markets.Glen Lake (pictured) is a 29.89-acre, garden-style community featuring 270 units in the Perimeter Center’s “Golden Triangle.” Constructed in 1980/1982, the property comprises one- and two-bedroom units, as well as three-bedroom townhouses with amenities such as controlled gate access, attached garages, a car care center, tennis courts and pool with sundeck. Glen Lake was 92 percent occupied at the time of acquisition by West Palm Beach, Fla.-based Ceebraid-Signal Corp.The Orleans of Decatur features 120 units on a 4.139-acre site located in Atlanta’s Decatur neighborhood. Built in 2002, the property features one-and two-bedroom units with amenities including a pool with leisure deck and grill, state-of-the-art fitness center, secured deck parking with remote control access and an on-site business center with conference room. The property was 98 percent occupied at the time it was acquired by Atlanta-based A. Porter Lummus.After closing of Glen Lake and The Orleans, The Connor Group redeployed the sale proceeds into the acquisition of Addison Place in Johns Creek, Ga. for $60 million.