Acquisition of 192-Unit Apartment Complex in Atlanta, GA
December 12, 2011
Legacy Capital Partners invested $2.696 million in the acquisition and renovation of a 192-unit garden style apartment complex located in the south Gwinnett submarket of Atlanta, Georgia. The total project costs (including funds needed to complete the renovation and lease-up) were $12.65 million. The asset was purchased with a $9.28 million loan with a term of 10 years. The loan is interest only for the first 24 months and then begins amortizing on a 25 year schedule. The total equity requirement was $3.372 million.