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JV Acquires Union Station Apartments

ATLANTA- The new owners will invest $2.6 million in upgrades to the 450-unit community.

By Crystal Proenza | Updated on August 22, 2008

ATLANTA-Baltimore-based Alex. Brown Realty Inc., as part of a joint venture with Newton, MA-based Chartwell Holdings LLC, has acquired the Union Station Apartments at 4300 Flat Shoals Road in Union City. An equity commitments of $6.6 million was provided to the venture via ABR’s Chesapeake Fund III.

Terms of the deal were not disclosed, though the Fulton County Board of Assessors states that the 15.4-acre property is valued at $7.4 million and was previously owned by an entity listed as Germania Property Investor. According to a release, the complex was acquired at a “significant discount to replacement cost from a foreign investment fund liquidating its only multifamily asset.”

Steve Heffner and Robert LaChapelle of CB Richard Ellis Capital Markets are credited with arranging the joint venture between Chartwell, which will manage the property, and ABR. CBRE also arranged the acquisition financing for Union Station.

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