Roberts did not disclose the purchase price, the closing date or the name of the seller in a prepared statement.
The transaction completes a Section 1031 tax-deferred exchange using cash proceeds from the sale in July of the 334-unit Crestmark apartments in Douglasville, GA. The company disclosed then the sale totaled $25 million, or $75,850 per unit.
Completed in April, St. Andrews is 67% leased.
(Please see Atlanta page for related story.)
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