A joint venture of Goldman Sachs' Whitehall Fund and Korman Communities sold the 90%-leased properties in a deal that Marcus & Millichap broker John Brown calls "the largest apartment transaction in Atlanta this year." He says the properties are "irreplaceable real estate." Brown represented the seller.

The 412-unit, seven-year-old Mt. Vernon Place Apartments is at 1265 Mt. Vernon Highway in suburban Dunwoody. The 396-unit, four-year-old Dunwoody Place Apartments is at 6850 Peachtree-Dunwoody Road, also in Dunwoody. Average monthly rents at Dunwoody Place are $1,150; at Mt. Vernon Place, $1,100. Lane Management Corp., a Lane Co. subsidiary, will manage the newly acquired communities.

"In the low $100,000-per-unit range, we believe our purchase price is well below today's replacement cost, especially given the average unit size of over 1,100 sf," says Scott Levitt, vice president of acquisitions for Lane Investment & Development Corp. "There have been no true garden apartment projects developed since the late 1990s in the heart of the Perimeter Center area."

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