Brookhaven Community Picked Up by Florida-Based Management Firm
- Jun 08, 2015
By Balazs Szekely, Associate Editor
Legacy Century Center, the former Windmont apartments, changed hands recently, according to Transwestern. Managing Directors Mike McGaughy and Jon Kleinberg of the company’s Southeast Investment Services Group brokered the disposition on behalf of the seller, Church Street Partners of Raleigh, NC. A multifamily management company based in South Florida, Atlantic & Pacific Property Management closed on the Class A asset.
The transaction was worth $15.25 million which translates into $85.674 per unit or $102 per square foot. According to data from Yardi Matrix, the buyer assumed a CMBS loan in the original amount of $9.48 million through Freddie Mac. Church State Partners bought the community in August 2012 from local investor Tempo Properties for $11.85 million ($66,573 per unit or $79 per square foot).
Built in 1990, the institutional-quality, 178-unit, garden-style property offering a mix of one- and two-bedroom units is located on a 6.79-acre site at 100 Windmont Drive in the metro’s Brookhaven submarket with convenient access to Peachtree Road and I-85 and I-285. Lenox Square, Phipps Plaza and Oglethorpe University are also within easy reach of Legacy Century Center.
As previously reported by MHN, the buyer simultaneously closed on the 288-unit Carriage Place in Decatur, swelling its Atlanta-area portfolio to nearly 3,000 units.
Image source: Yardi Matrix