Investcorp paid $84.45 million or an average $70,257 per unit for the combined 1,202 units.
The company paid locally based Post Properties Inc. $67.25 million or $83,024 per unit for the 810-unit, 100-acre Gardens of Dunwoody in Atlanta and $17.2 million or $43,878 per unit to an undisclosed seller for the 392-unit, 19.5-acre Andover Woods apartments in Charlotte.
Insignia is a co-investor in Andover Woods. Shelter Properties of Baltimore sourced the Dunwoody deal and will manage the property.
The occupancy levels at both complexes are 95%. The cap rate was 9% in both deals. Dunwoody is 18 years old. Andover Woods was built in stages between 1989 and 1995.
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