Clarkston, Ga. – Marcus & Millichap Real EstateServices, the nation’s largest real estate investment services firm, has arranged the sale of Kristopher Woods Apartments, a 214-unit apartment complex in the DeKalb County city of Clarkston, Ga. The $5,878,000 sales price equates to $27,467 per unit. The transaction is the 26th multifamily property sale arranged by Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta office during the first six months of 2013. Mays and Vetter are both vice presidents investments and senior directors of the firm’s National Multi Housing Group.
“Andrew and Paul have had an outstanding first half securing value for clients,” says Michael Fasano, vice president and regional manager of the firm’s Atlanta office.
“Apartment conditions in the Atlanta metro and in key markets throughout the state continue to improve, drawing buyers from across the investor spectrum,” says Vetter. “Sales of Class A properties are rising, and quality assets in good locations are in high demand. As a result, many well-capitalized private buyers are pursuing Class B apartment communities in prime locations where capital infusions will enable operators to push rents higher,” Vetter adds.
“Financing in the metro is readily available, as local and regional banks are becoming more aggressive,” puts in Mays. “These trends are increasing sales velocity as first-time andbuyers enter the market.”
Kristopher Woods Apartments is a 238,360-square-foot property that was 99-percent occupied at the time of the sale. The asset is located at 762 Jolly Ave. South in Clarkston, Ga. just off Interstate 285 at Ponce de Leon Avenue.
Other notable transactions for Mays and Vetter this year include the $49,550,000 sale of a nine-property apartment portfolio located north of Buckhead on Buford Highway in Atlanta and a four-property portfolio in Marietta, Ga. that sold at a 7.3 percent overall cap rate for $17.8 million.