Newport, CA-based Rosewoo/PM Realty Advisors paid $97,368 per unit, or a capitalization rate of 8.2% for the Norcross, GA area asset, 20 miles northeast of Downtown, according to Atlanta-based Databank Inc. Roberts developed the property in 1993.
Currently, all of Roberts' apartment communities, totaling 1,500 class A units, are in the metro area. Most have been built in the last three or four years. Another 850 units in three properties are under construction, including the firm's first venture outside Atlanta.
Roberts, a multifamily REIT, is building a 319-unit community in Charlotte. The company expects to add another two or three communities in that market as well as in Palm Beach.
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