12/3/2007

ARA brokers $205M sale of Southeastern multi-family portfolio

by Chad King

Heights at Peachtree Creek

Preston Pointe at Windmere

Napa, Calif.-based U.S. Advisors and Creekstone Management have sold a six-property multi-family portfolio spanning three Southeastern markets for $205 million to Atlanta, Ga.-based Centennial Holdings.

Atlanta-based Apartment Realty Advisors represented the seller in the transaction.

The six properties were constructed between 1998 and 2006 and include 1,946 units. Centennial president and CEO W. Porter Payne Jr said the company plans to hold the portfolio for four to seven years. The portfolio includes the following:

The 346-unit Preston Pointe at Windmere at 3100 Preston Pointe Way in Cumming, Ga. Built in 2002 and contains one, two and three-bedroom units.

The 440-unit Preston Park at Satellite at 2110 Preston Park Drive in Duluth, Ga. Built in 2002 and contains one, two and three-bedroom units.

The 340-unit Heights at Peachtree Creek at 3001 Northeast Expressway in Atlanta, Ga. Built in 2003 and contains one, two and three-bedroom units.

The 350-unit Preston Landing at Sweetwater Creek at 1100 Preston Landing Circle in Lithia Springs, Ga. Built in 2002 and contains one, two and three-bedroom units.

The 300-unit Parkside Apartments at 605 Chandler Lane in Charlotte, N.C. Built in 1999 and contains one, two and three-bedroom units.

The Courtney Creek at 2850 Courtney Creek Blvd., in Durham, N.C. Contains one, two and three-bedroom units.

Address: Preston Pointe at 3100 Preston Pointe Way, Cumming, Ga.
- Preston Park at Satellite at 2110 Preston Park Drive, Duluth, Ga.
- Heights at Peachtree Creek at 3001 Northeast Expressway, Atlanta, Ga.
- Preston Landing at Sweetwater Creek at 1100 Preston Landing Circle, Atlanta, Ga.
- Parkside Apartments at 605 Chandler Lane, Charlotte, N.C.
- Courtney Creek at 2850 Courtney Creek Blvd., Durham, N.C.

Size: 1,946 units

Built: 1998-2006

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Filed Under: Multi-Family

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