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Two Suburban Complexes Trade for $32M

ATLANTA-Patrician LS LLC is purchasing a total of 440 units in the Atlanta suburbs of Covington and Fairburn.

By Gina Kenny | Updated on May 07, 2007

(Read more on the multifamily market.)

ATLANTA, GA-Two suburban apartment complexes, with a total 440 units, are changing portfolios. Patrician LS LLC, based in Baton Rouge, LA, is purchasing the 232-unit Leafstone Apartments in Covington for $17.3 million and the 208-unit Cambridge Fair Apartments in Fairburn for $15.25 million.

Leafstone Apartments, located at 10100 Brown Ridge Rd., was sold by Leafstone One Ventures LP, based out of Frisco, TX, and Cambridge Faire Apartments, located at 900 Meadow Glen Pkwy., was sold by Cambridge Faire Properties LLC, based out of Suwanee. Both sellers were limited partnerships and the transactions were the sales of the last apartment complexes each of them owned, says Bo Brown, with Brown Realty Advisors. Brown Realty Advisors, in Atlanta, represented the sellers in the sales.

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