Atlanta—Franklin Street announces the sale of the 50-unit Jackson Place Apartments in Commerce for $2 million. The sales price represents $39,250 per unit for the project, which was constructed in the late-1990s. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller in the transaction. The buyer, Archer Properties, intends to make some small capital improvements to the property.
“The sale of Jackson Place demonstrates the continued trend of investors moving into secondary and tertiary markets in chase of yield,” Reid says. “The price reflects just under a 10 percent cap rate on current income, and we believe the property will yield double-digit leveraged returns for the buyer.”
The property, which includes 25 brick duplexes located on 7.93 acres, was fully occupied at the time of the sale. All of the units include two bedrooms and two bathrooms with individual HVAC systems. The complex is located at 122 Victoria Way in Commerce, across the street from the Northridge Medical Center, with convenient access to Atlanta via Interstate 85 and Athens, Ga., via GA-441. Download PDF