MHA Arranges $13.8M Sale of Georgia Community
- Nov 30, 2015
Atlanta—Multi Housing Advisors has arranged the sale of Forest Pointe in Macon, Ga. The 200-unit community sold for $13.8 million.
The property is located in the North Macon submarket with true “country club” demographics and an average household income of more than $74,000 within a one-mile radius. With the combination of recent capital improvements, including new exterior paint, a stacked stone grill and fireplace area by the pool and dark-stained cabinets, the apartment community is regarded as a cash flowing asset.
Robert Stickel, of MHA’s central to coastal Georgia deal team, represented the seller, QR Capital, in the transaction. LMS Real Estate Investment Management was the buyer.
“Forest Pointe is an exceptionally located asset providing residents convenient access to major job centers and quality retail, while also offering a private residential setting,” Stickel said. “With recent upgrades to the exteriors and amenities, Forest Pointe provides the opportunity to focus new capital on interior upgrades, resulting in increases in both rental rates and investment returns.”
Photo courtesy of MHA.