Luxury Mariposa Lofts Community Sells for $40M
- Apr 15, 2012
The luxury multifamily community Mariposa Lofts was recently purchased by Inwood Holdings for $40 million, according to the Atlanta Business Chronicle. The 253-unit multifamily community, set in a central location two miles east of downtown Atlanta, was acquired by the current seller—Behringer Harvard Multifamily REIT I—in September 2009. As reported by the Business Chronicle, the community’s current sale price was nearly 39 percent higher than the amount Behringer Harvard paid for the property three years ago.
“Although we are still compiling our multifamily REIT portfolio, we decided to pursue an unexpected opportunity to sell Mariposa Lofts and capture attractive value for our shareholders,” said Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. in an official release. “I believe this sale bodes well for our investors because it demonstrates that the multifamily portfolio we’ve built so far has strong potential to provide meaningful returns.”
Built on a five-acre site at 100 Montag Circle in 2004, the community consists of eight mid-rise residential buildings that have been integrated upon completion into the Inman Park Village. Mariposa Lofts provide 246,355 square feet of rentable space and an amenity pack with a resort-style pool and sauna, landscaped courtyards, and a clubhouse featuring stained concrete floors and expansive window walls. The clubhouse includes a fitness center, a business center, and media and game rooms.
According to the Business Chronicle, Mariposa Lofts is currently 99 percent occupied and its monthly effective rent—after factoring concessions—averaged $1,358, based on a first quarter 2012 report on the intown Atlanta apartment market conducted by Haddow & Co. Real Estate Consultants.