Franklin Street has arranged the sale of two apartment communities in Atlanta for a total of $3.4 million. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the sellers in the transactions.
In Atlanta’s intown submarket, a local buyer acquired the 17-unit Inman Park Place for $2.34 million. The property is located on North Highland Avenue in the heart of historic Inman Park. Additionally, a Hong Kong-based investor purchased a 10-unit apartment building located on Glendale Terrace in Midtown, for $1.07 million.
“Desirable intown neighborhoods are experiencing very impressive market fundamentals,” Jones said. “With strong potential rent growth, investors are actively seeking value-add properties and are willing to pay a premium.” Franklin Street’s Atlanta multifamily sales team closed 4 similar apartment communities in the month of January.
Both new owners plan to realize management efficiencies and take advantage of improving rents in the neighborhood.
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