Franklin Street has arranged the $2.7 million sale of Chelsea Court, a 56-unit apartment community located in Clarkston, Georgia. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller, Stratford Clarkston LLC, in the transaction.
“This closing represents the continued interest in the strong fundamentals of the Clarkston submarket,” Reid said. “The availability of small balance agency debt programs are creating strong yield potential for multifamily assets.”
The property, located 790 North Indian Creek Drive, was built in 2000 as a seniors housing facility but operated as one-bedroom, one-bathroom market rate apartments. The property was 100 percent occupied at the time of sale. The purchaser plans to continue to increase rents and improve management efficiencies through local management.
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