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Lincoln Buys Gentry's Walk for $69 per SF

ATLANTA-The 227-unit, 92%-occupied apartment complex is the first sale from Texas-based Archon Group's $600 million, 34-property nationwide portfolio being marketed by the Atlanta office of CB Richard Ellis. Two others, Hunter's Bay and Chelsea Park, are in Atlanta. Lincoln paid $15.7 million.

By Marita Thomas | Updated on June 07, 2002

ATLANTA-The local office of Dallas-based Lincoln Property Co. buys Gentry’s Walk from Gentry’s Walk Limited Partnership, an affiliate of Irving, TX-based Archon Group, for $15.7 million.

The 228,135-sf, 227-unit multifamily apartment complex in DeKalb County was built in 1990. Lincoln paid approximately $69,273 a unit, or about $69 per sf.

Chuck Shallat, operating partner of Lincoln’s Atlanta office, tells GlobeSt.com the property is 92% occupied and units rent for an average of $875. “It fits very well within our value-added program,” he says.

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