Woodstock Apartments Sell for $16M-Plus

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WOODSTOCK, GA-Heights of Towne Lake, a three-year-old, 194-unit apartment community here has traded for $16.5 million, or $85,051 per unit, after being on the market for only three months.

JMG of Atlanta paid the British Group of Surrey in British Columbia, Canada $86.02 per sf for the seven-building, 193,612-sf property at 1395 Buckhead Crossing in Cherokee County, about 20 miles north of Downtown Atlanta. The property is 96% leased.

Atlanta-based Apartment Realty Advisors brokers Derrick Bloom, John Weber and Sean Henry negotiated for the owner. The buyer represented itself. Bloom tells GlobeSt.com the deal was done at this time because of “the high level of demand for this product type combined with the property’s high 96% occupancy.”

The deal took 90 days to complete, from contract signing to closing. The average rent at the three-story and four-story buildings is $856 per month. “The property was highly desirable due to the Towne Lake PUD location in the rapidly growing county of Cherokee, which is in close proximity to both Interstates 575, 75 and [State Road] 92, as well as being close to shopping,” Bloom tells GlobeSt.com.

The broker adds, “We continue to see a resurgence of investor interest in the Atlanta market, as evidenced by the number of closings we expect by the end of the year.”