The Lane Co. has purchased two Atlanta apartment complexes for a combined $89 million, which makes it Georgia’s single largest multifamilyso far this year in terms of price.
Dunwoody Place Apartments and Mt. Vernon Place Apartments are located in Atlanta’s Dunwoody area and total 808 units.
"These are two of the highest quality, Class-A garden apartments in metro Atlanta in terms of location, floor plans, unit interior features and project amenities," says Scott Levitt, vice president of acquisitions for Lane Investment &Corp. Lane is a private real estate group that has developed more than 11,000 condo homes and apartment units.
Marcus & Millichap’s John Brown handled the transaction for the seller — a joint venture between Korman Communities and Goldman Sachs’ Whitehall Fund. Brown calls the properties "irreplaceable real estate."
The sale price translates into the low $100,000 per unit range, which Levitt says is well below today’s replacement cost. "Especially given the average unit size of more than 1,100 sq. ft.," he adds.