Sweetwater Cove Apartments Sell For $10.5M

ATLANTA-Taking advantage of an IRS-blessed 1031 Exchange program, Sun Valley Properties LLP, a private Columbus, GA-based investor, paid Properties II Investors Inc. of Atlanta $10.5 million for the 348-unit Sweetwater Cove Apartments. The deal equates to $30,172 per unit, or $36 per sf, for the 85%-leased complex in suburban Mableton, GA, five miles west of Downtown Atlanta.

Although the 295,352-sf, 26-acre property is 33 years old, “the substantial potential for upside through renovation and repositioning of the property appealed to the buyer,” says Thomas Boehlke, a senior investment specialist in the Atlanta office of Marcus & Millichap Real Estate Investment Brokerage Co. Boehlke handled the deal for buyer and seller.