Franklin Street announces the sale of Lenox Townhomes for $4,820,000 and Toco Hills Apartments for $2,024,000.
Jake Reid and Ricky Jones, both of Franklin Street, represented the buyer in acquisition of the two apartment communities. The buyer is an affiliate of Ardent Acquisitions and an Atlanta-based real estate Investment Company that plans to redevelop the sights for townhomes. Both sellers of the properties are local private investors.
“The underlying value of the land far surpasses the value from a traditional apartment standpoint,” Reid said. “At a sales price of more than $75,000 per unit, the sellers realized a premium on existing net operating income. This metric was highly dependent on the lower density of the existing apartments coupled with desirable zoning.”
Reid added that in order to place these transactions together, Franklin Street was able to combine the relationships with existing apartment owners, leverage their extensive knowledge of apartment operations and valuation, and deliver a strong network of developers. “With a lot of interest for well-located sites in the market it was important for the sellers to know they were working with a buyer that had the true wherewithal and capacity to close at the proposed terms,” Reid said.
While the residential market continues to steadily improve, certain markets are outperforming the rest. “The popularity of both neighborhoods and the ability for the developer to move quickly towards the finished product should make these very successful projects,” Reid said.
Lenox Townhomes are located in the sought after neighborhood of Brookhaven on a 4.8 acre site and consists of 64 apartment units. The Toco Hills apartments are made up of 24 units on approximately 2 acres near the corner of North Druid Hills and Lavista Roads. Both communities are roughly 50 years old.
About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.