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GE CAPITAL SELLS APTS

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GE CAPITAL SELLS APTS
The 734-unit Crestview apartment complex in Decatur sold for $22.5M (roughly $31K/unit, for the math-phobic). Cushman & Wakefield's David Gutting repped seller GE Capital. The buyer of the foreclosed property was B&M Management  from Montgomery. B&M also owns another apartment building in the submarket.
 
GE CAPITAL SELLS APTS
Here?s David at Cushman & Wakefield's offices downtown late yesterday. He tells us he's been working much longer hours than last year—His team did about 20 deals in '09 and is on track to double that in 2010. Apartment buildings are selling because financing is still available (compared to other asset classes) and because prices are low (i.e. rents are down), and buyers see a future upside, David tells us.
Related Topics: David Gutting, GE