ARA Executes Sale of Foreclosed Apt. Property on Behalf of GE Capital
- Oct 04, 2010
Atlanta–ARA announced the sale of River Heights Apartments, a 381-unit garden-style community located on Columns Drive – one of Atlanta’s most prestigious and desirable addresses in Northeast Atlanta.
ARA’s Atlanta-based principals Sean Henry, Derrick Bloom and John Weber represented GE Capital Real Estate in the sale of the foreclosed community which was constructed in 1987 and was 92 percent occupied at the time of the sale.
Located at 3702 River Heights Crossing, the community is situated next to the Chattahoochee River National Recreation Park in tony East Cobb County.
The property was acquired by Marietta, Ga.-based Walton Communities, a privately held company that develops, owns and manages apartment communities throughout the metro-Atlanta area.
The $31 million transaction was executed in a compressed time period with only 30 days from the buyer selection date to transaction close.
According to Henry, “This is a true win-win scenario -Walton Communities acquired a high quality asset in one of Atlanta’s most desirable neighborhoods, and GE was able to close the transaction in a very short period of time.”