(Read more on the multifamily market.)
MARIETTA, GA-Atlanta-based Claret Capital LLC has acquired two apartment communities, the 400-unit Highland Trace Apartments and the 181-unit Highland Heights Apartments, for $25.5 million. This is the first purchase for Claret Capital, which was recently formed and is headed by Lee Terry.
Atlanta-based Miles Properties sold the properties. Atlanta-based Brown Realty Advisors multifamily specialists Judy MacManus and Phil Carabillo represented Miles Properties.
Highland Trace is located along the Franklin Road corridor. Built in 1973 and 1975, the property will undergo interior and exterior improvements including the construction of a new leasing center/community center. Highland Heights, located on Chamblee Tucker Road and Interstate 85, was recently renovated by Miles Properties. The property features one- and two-bedroom units ranging in size from 850 sf to 1,265 sf with rents averaging $701. Claret plans to further renovate the unit interiors and upgrade the clubhouse/community center.
The apartments are located in an area that has seen significant improvement in recent years. Marietta was awarded by the Atlanta Regional Commission in the Community Building and Involvement Category for its work to improve the Franklin Road area.
"The sale of Highland Trace and Claret Capital's planned renovations/improvements to Highland Trace reconfirm our belief in the Franklin Road corridor turnaround," MacManus tells GlobeSt.com. "The recent award by the Atlanta Regional Commission further demonstrates that the Franklin Road community is heading in the right direction."
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