Apollo Affiliate Pays CarrAmerica $196M for Nearly 2M-SF Office Portfolio

ATLANTA-Locally based VEF Advisors, an affiliate of New York-based Apollo Real Estate Advisors LP, has closed on the largest office building deal of its kind this year with the $196-million purchase of CarrAmerica Realty Corp.’s 15-building Atlanta portfolio.

VEF bought the assets for its Value Enhancement Fund V, paying the Washington, DC-based developer $115.29 per sf for the portfolio. VEF was formerly part of New York-based Lend Lease Real Estate Investments. CarrAmerica previously announced it was exiting the metro office arena to concentrate on other core markets.

“Based on square footage, the transaction marks the largest office acquisition in Atlanta this year,” says VEF CEO James P. Ryan. “This portfolio fits squarely into our investment strategy of buying quality assets located in major markets where we have both good current income and solid appreciation potential.”