Drever Opportunity Fund LP paid Highland Residential Co., a privately held Atlanta investment partnership, $17.4 million or $96,667 per unit for the 12-acre, class A, gated property. Tiburon, CA-based Concierge Asset Management, sponsors of the Drever Fund, has $500 million to invest in additional metro Atlanta apartment properties.

"We want to be the buyer of choice for underperforming class A apartment properties here, where we have the potential to add value," says Joe Gillespie, Concierge's director of acquisitions.

Decatur is "one of the city's most desirable residential areas and was a growth leader before the high tech and stock markets collapsed," he says. "Since then, it's had negative job and population growth. But when Atlanta snaps back and the economy starts creating jobs again--and it will--Decatur-Emory will lead the market rebound."