Excerpted from CoStar
A workforce apartment complex near Atlanta attracted a lot of attention from potential buyers before an Illinois investor that owns a neighboring property emerged as the winner and bought the property.
Oak Residential Partners beat out 17 would-be buyers to acquire Chase Village apartments, a workforce multifamily project in Jonesboro, Georgia, about 18 miles south of Atlanta. The Deerfield, Illinois-based investor paid $17.3 million, or about $102,976 per unit, for the complex, according to CoStar data. The seller was Peak Capital Partners of Provo, Utah.
The 18 offers from investors for the property were competitive on price and had strong terms, said Franklin Street broker Chad Defoor, who was part of the team that represented the buyer and seller in the deal.
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