(To read more on the multifamily market, click here.)
DECATUR, GA-New York City-based GFI Capital has acquired the 1,092-unit Kensington Station Apartments here for $32 million. The seller was RFI Associates of Baltimore.
In addition to the apartment complex, the transaction included 90 acres of undeveloped land. Both the land and the apartment community are across from the Marta Station, according to Joshua Goldfarb, managing director of Southeast Apartment Partners. Goldfarb and his partner Marc Robinson, also managing director, brokered the deal.
"The property was acquired, short term, for the apartment value," Goldfarb tells GlobeSt.com, "but the deal includes 90 acres of land that can be developed for mixed-use over the long term." He adds there are no immediate plans to develop the land.
Kensington Station was on the market for 45 days generated a lot of interest, from developers and apartment owners, Goldfarb says. The property was 90% occupied at closing and GFI Capital plans to leave it as a rental community.
"Interest was so strong in Kensington Station that the several offers included non-refundable money from execution of contract. Nine months ago, this would not have been the case," Robinson explains.
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