Texas-Based Investors Expand Atlanta Portfolio
- Jun 10, 2015
About a year ago, a Dallas-based investment trust started a slalom in the outskirts of Atlanta and by the looks of it, it is quickly drawing near the Perimeter. Milestone Apartments REIT has purchased its fourth apartment community in Metro Atlanta since it first entered the market last May through the acquisition of Harbor Creek, some 35 miles from Downtown. The new member of the portfolio, Village at Almand Creek is located in the Conyers submarket, about 15 minutes from the Perimeter.
Located at 1825 Parker Road, the 236-unit, resort-style community was built in 2002 and it totals 273,596 square feet. It offers 12 different floor plans with up to three bedrooms at the average size of 1,159 square feet. The luxury apartments are situated on 36 acres of landscaped grounds. The location has easy access to a large number of important employment hubs in the metro, including Baxter International Inc.’s $1 billion, one million-square-foot manufacturing plant just east of Conyers in Covington that is expected to bring north of 1,500 jobs to the area in 2018.
Senior Vice President Ed Fish of Transwestern’s Southeast Investment Services Group brokered the transaction worth $24 million on behalf of the seller, Four A International. The price translates into $101,695 per unit.
Photo credits: Milestone Management