Cornerstone Pays $34.7 Mil for Two Properties

RICHMOND, VA-Cornerstone Realty Income Trust Inc. is increasing its multifamily presence in metro Atlanta with the $34.7 million purchase of two adjacent properties totaling 524 units in suburban Kennesaw, GA, 20 miles northwest of Downtown Atlanta.

Cornerstone paid Poplar and Enclave Housing Associates an average $66,221 per unit. The acquisitions bring Cornerstone’s total apartment portfolio to 18,976 units and represent 10% of the REIT’s inventory, up from 7% prior to the purchase.

Cornerstone owns and manages five other Atlanta area communities. The REIT now owns the 324-unit Poplar Place Apartments and the 200-unit Enclave at Poplar Place Apartments.