crefeed.com | CBRE brokers $24.35 million Atlanta apartment sale

9/28/2007

CBRE brokers $24.35 million Atlanta apartment sale

Geiger

Abernathy Apartments

A Norfolk, Va.-based affiliate of Harbor Group International has acquired the Abernathy Apartments in Atlanta, Ga., for $24.35 million from an affiliate of Invesco.

Kevin Geiger, Executive Vice President in the Atlanta Multi-Housing Group of CB Richard Ellis, brokered the transaction. He joined the firm in 1989.

The Abernathy Apartments contain 228 units that are currently 96 percent occupied.

Harbor Group plans to invest $1 million in improvements to the property, which contains a mixture of two- and three-bedroom units with an average unit size of 1,360 square feet.

This is Harbor's second acquisition in Atlanta. In August, the company purchased the Preston Hills at Mill Creek Apartments, a 464-unit multifamily complex, for $45.5 million.

Harbor Group International is a commercial real estate acquisition, investment and management company. CB Richard Ellis is one of the world's largest commercial real estate brokerage firms.

Address: 550 Abernathy Rd., Atlanta, Ga.

Size: 228 units

Built: 1971

Filed Under: Multi-Family

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