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Apartment Complex Sells for $25M

ATLANTA-A Midwest-based institutional investor has acquired Dunwoody Gables, a 311-unit rental apartment community in Dunwoody, GA.. Gables Residential sold the asset at a 7.5% cap rate.

By Stacey Corso | Updated on March 27, 2002

ATLANTA-Locally based Gables Residential has sold a 311-unit rental apartment complex in suburban Dunwoody, GA to an unnamed institutional investor in the Midwest.

For $25 million or $80,386 per unit, the entity has picked up the 93%-occupied asset. Marvin Banks, Gables’ CFO, would not disclose the buyer’s identity to GlobeSt.com.

“Our unleveraged internal rate of return of 14.6% for this investment was significantly in excess of our 10% weighted average cost of capital,” Chris Wheeler, chairman and CEO of Gables, says in a prepared statement. “Selling an asset in Atlanta today at a 7.5% cap rate is an excellent price and cost of equity capital.”

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