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Triple Net Picks Up Suburban Apartments for $20M

JONESBORO, GA-The investor pays Villas by the Lake LLC $77,734 per unit for the 256-unit, 94%-leased Villas Apartments in a tenant-in-common transaction.

By Alex Finkelstein | Updated on July 12, 2006

(To read more on the TIC market and the multifamily market, click here.)

JONESBORO, GA-Triple Net Properties LLC, a Santa Ana, CA-based investor in tenant-in-common transactions, has added the three-year-old, 256-unit Villas Apartments in this Atlanta suburb to its portfolio of over 30.9 million sf of commercial properties.

Triple Net paid Ohio-based Villas by the Lake LLC $19.9 million, or $77,734 per unit, for the 94%-leased complex located about 16 miles south of Downtown Atlanta and 10 miles from Hartsfeld-Jackson Atlanta International Airport.

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