Buckhead Crossing Apartments Sell for Nearly $24M

ATLANTA-With an eye on location, San Diego-based Fairfield Residential has acquired the 12-year-old, 296-unit Buckhead Crossing Apartments located directly across Sydney Marcus Boulevard from the 379,230-sf Lindbergh Shopping Plaza where the Sembler Co. of Clearwater, FL and Noro Broadway Holding Co. of Atlanta are planning a $120-million development.

Fairfield paid an undisclosed private Atlanta-based seller $23.6 million or about $79,730 per unit for the 95%-leased property, according to brokers in a position to know. Michael A. Crawford, vice president of Brown Realty Advisors and Bernard Mannelly of Bullock Mannelly Partners, both locally based, negotiated for the seller. The buyer represented itself.

“The current bond financing is more attractive than any permanent or interim program in the market today,” Crawford tells GlobeSt.com. “The current financing, a bond allocation through the Urban Residential Finance Authority of the city of Atlanta, allowed the seller to take advantage of historically low short-term rtes while enjoying the longer-term benefits of having financing in place for an additional 26 years.”