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ALPHARETTA, GA-Investment Realty LLC of Birmingham, AL has acquired the 468-unit, 91%-occupied Huntington Farms apartments here from Concierge Asset Management of Tiburon, CA for $39.6 million. The deal for the 23-year-old property equaled 84,615 per unit.

In a prepared statement, Investment Realty president Guy Savage says "we bought it below replacement cost, yet it could never be replaced because 46 acres of land in Alpharetta today is neither available nor affordable." Based on the land size alone, the purchase price equates to $860,870 per acre or $19.76 per sf.

Savage adds he "personally looked at 70 properties and we went through every one of them with a fine-tooth comb. Huntington Farms was the only one that made perfect economic sense because the land alone is so valuable." Investment Realty formed Huntington Farms Associates LLC as the property's owner of record.