Two Suburban Atlanta Apartment Communities Change Hands for $22M
- Apr 17, 2015
Dallas based The Milestone Group recently sold two Atlanta area communities called Villas at Indian Trail and Shannon Chase to separate investors for the total amount of $22 million, ARA Newmark announced. Vice Chairman John Weber, Executive Managing Director Bill Shippen and Managing Director Chad DeFoor of ARA Newmark spoke for the seller in both transactions.
According to DeFoor, the properties were initially put to market as a portfolio and attracted over a dozen offers from local and regional investors – both as a pair and individually – as value-add apartment deals are currently in high demand in Atlanta. Located in Lilburn, Ga., with easy access to Interstates 85 and 285, Villas at Indian Trail was acquired by Atlanta-based Mesa Capital for $14.3 million. The 236 homes were constructed in 1986 and include one- and two-bedroom units with amenities like a strength and cardio center, two lighted tennis courts, an outdoor fire pit and kitchen, a playscape and a pool with a sundeck.
Triangle Real Estate of Gastonia, N.C., purchased the 156-unit, 98%-occupied Shannon Chase for $7.3 million. Located in Union City, Ga., near Interstate 85, the neighborhood was built in 1987 and it also features one- and two-bedroom homes. It offers a selection of amenities similar to the above listed, including a pool with a sundeck, strength and cardio center, two lighted tennis courts, BBQ grilling areas and a business center. Both buyers plan to add value to the properties by upgrading units as they turn over, he said.
Photo credits: ARA Newmark