The multifamily property was built between 1968 and 1971 and renovated in 1993 at a cost of $20,000 per unit, according to CB Richard Ellis Inc. which represented the seller, a private pension fund. The average rent is $975 a month.
In a published report, Declan McMullen, Berkshire's vice president of acquisitions, says the purchase "filled a tax need." He anticipates an economic recovery in Atlanta in 2003 that will enable Berkshire to benefit from rising demand and increasing rents.
With the purchase, Berkshire increases its Atlanta portfolio, which includes seven multifamily properties encompassing 2,500 units.
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