(To read more on the multifamily market, click here.)
DUNWOODY, GA-Atlanta-based investor Silver Tree Investments LLC has purchased the 133-unit Silver Tree Apartments for $10 million and plans to convert the complex into condominiums.
Constructed in 1971, the 16-building property is located at 100 North River Dr. Richard Bowers & Co. vice president Peter Greyling represented both the buyer and seller in the transaction. The property, which underwent substantial renovations in 2003, includes a swimming pool, clubhouse/fitness center, tennis courts, children's play area and covered parking. The new owners plan to do some renovations to the property and hold a grand opening this month. Under the new ownership, the property will be called Avalon.
"The units are all townhomes and the complex is brick, which made it attractive as a conversion project," Greyling tells GlobeSt.com. "The location is good. It's in an area where there are other condominiums."
Greyling says the property sold for approximately $56 per sf. Based on the market, he estimates that the condominiums will be sold for approximately $110 per sf.
Peter Chang, managing partner of purchasers for Silver Tree Investments, says the property was a perfect candidate for conversion. "The property is in a wonderful neighborhood near the Chattahoochee River, has nice amenities, is gated and features spacious, two- and three-bedroom townhome-style units," Chang says.
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