A.G. Spanos Buys Hard-to-Sell Apartment Site

CHAMBLEE, GA-Stockton, CA-based A.G. Spanos Cos. beat out 25 other rivals for a prime 4.16-acre multifamily development site in this suburban town but the $2.7 million deal didn’t close effortlessly. The transaction took 16 months to close. The property was on the market since November 1999.

“This transaction was the most difficult in my 16 years in real estate,” Craig Viergever, senior director of commercial properties for Advantis Real Estate Services Co., tells GlobeSt.com. “Although there was continuous interest and offers on the site, factors severely hampered the process, including local zoning changes, the recession, 9/11, environmental questions, escalating apartment vacancies and decreasing rents.”

The contract required eight separate amendments before buyer and seller were satisfied, the broker says. But “through all the struggles, the end result was a success with A.G. Spanos acquiring a site that is ideal for a high-end apartment community, with excellent access and amenities,” Viergever says.