Franklin Street has arranged the $12 million sale of River’s Edge Apartments, a 228-unit rental community located at 7001 Tara Boulevard in the Jonesboro submarket of Atlanta.
Jake Reid and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team represented Missouri-based RBG Properties, LLC, a private equity investment group, in the transaction. Tusk Equity Partners, LLC, a local operator led by Moshie Horn, acquired the property for $52,632 per unit.
“Multifamily investors are looking to markets like Jonesboro that have recently witnessed some of the highest rent growth in the metro Atlanta market,” said Reid, senior director at Franklin Street. “The purchase price is in line with a trend of rising sales prices for Class C apartments in Clayton County.”
Jonesboro is strategically located near Hartsfield-Jackson International Airport with easy access to the city’s crucial transportation artery, Interstate 75. Built in 1970, River’s Edge is positioned within 15 minutes of over 400,000 jobs mostly driven by Hartsfield Jackson Airport and the South Atlanta International Industrial Corridor, the sixth largest in the nation. The metro Atlanta area is also home to a booming entertainment industry, which ranks as a top three film hub along with New York and Los Angeles.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street 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 – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.