Franklin Street announces the sale of Norstar Wingate apartments for $3,400,000. This sales price represents $16,113 per unit.
Jake Reid and Ricky Jones of Franklin Street represented the seller, a local investor. The buyer, AML GA 1001, LLC, a Florida investor group, plans to reposition the property by implementing new management, addressing deferred maintenance, and completing general capital improvements.
“There are few distressed or REO properties that haven’t worked their way through this market,” Reid said. “Because most bank owned properties sold prior to 2014, there aren’t many comparable deals on the market and stabilized properties in the area are fetching values at double the amount. Many who purchase these assets are focusing heavily on upfront due diligence so they can hit the ground running with a capital expenditure plan after closing.”
The 211-unit property is located at 4735 Courtney Drive in Forest Park, Georgia, and is made up of three contiguous properties built in 1964 and 1967. Norstar Wingate is situated near Clayton State University and Fort Gillem in Clayton County, which is home to Georgia’s largest employer – Hartsfield-Jackson International Airport, the world’s busiest passenger airport.
“Norstar Wingate should experience gains through improvements in operations and overall area improvements,” Reid said. “The redevelopment of Fort Gillem is likely to positively impact this asset and many others in the Forest Park area.”
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