News
FORMER BARRACKS SELLS TO PEAK CAP
March 20, 2012
| It began life as a military barracks back in the 1950s. Now, one of Atlanta's oldest suburban apartments has traded hands. (Like so many baby boomers: a '50s military child retiring to the suburbs.) | ||
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| We spoke with Marcus & Millichap's Paul Vetter who, along with Andrew Mays (and some help with fresh UGA grad Matt White), sold Bryton Hill at 2527 Skyland Dr off Clairmont Road for McCormick-Barron-Salazar Partners. Peak Capital Partners purchased the 204-unit apartment complex for $6.6M, according to Databank. ?This is sort of an Atlanta landmark,? Paul tells us, adding that it originally served as military barracks feeding into Peachtree DeKalb Airport. ?It's a very charming asset.? (A tremendous compliment for any apartment building or a pair of cufflinks.) The property has a mid-90% occupancy and as a small portion of value-add potential, he says. The buyers paid around an 8-cap and were boosted by some Freddie Mac debt. | ||
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| It's not the only recent apartment transaction for Paul and Andrew (above). The team brokered the sale of the Tempo Portfolio, a 12-property, 1,188-unit apartment collection within the confines of northern Atlanta, flanked by Brookhaven and Buckhead and Druid Hills. Tempo Properties sold the portfolio to Yakima, Wash.-based Wilkinson Real Estate for more than $35.7M. Some of the properties include the Cross Keys, Hallmark, Tempo 2000, Monaco, and Montego apartments. Much like the features of Bryton Hill, Paul says these are older B-minus properties but with very low vacancy rates and some value-add potential with better management. | ||
