KC Ventures purchased the 232-unit Wall Street Apartments at 11700 Wall St. from New York-based Sentinel Real Estate Corp. Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc., provided $11.2 million in interim financing for KC Ventures. Robert LaChapelle of the Houston-based Melody's Atlanta office secured the funding.
The asking price for the 87%-occupied apartments had been $14 million, according to the sales listing. The complex is situated at the intersection of Wall Street and Vance Jackson Road in the northwest submarket. With 220,00 rentable sf, the complex's average size is 949 sf and the average rent is $852 per month. It was built in 1995.
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