Lenox Park, built in 1995 in the affluent Buckhead area of Atlanta, is 90% occupied with average rental rates of $1,100 per month, says Nickolay Bochilo, vice president with Steven D. Bell & Co. The property consists of six three-story buildings as well as a clubhouse, swimming pool, fitness center, business center, lighted tennis court, laundry center, lake and two parking garages containing 11 detached garages. "Challenges in capital markets had a positive impact on our ability to attractively structure the transaction from the debt and equity standpoint," explains Bochilo.

The Greensboro, NC-based buyer purchased the property in accordance with its strategy to acquire high-quality, exceptionally located assets with long-term appreciation potential in markets with strong fundamentals, Bochilo tells GlobeSt.com. The property's proximity to large employers such as AT&T and the American Cancer Society, along with a MARTA train station within walking distance, attracted Steven D. Bell & Co. to the deal.

The firm holds several thousand apartments within the Atlanta metro area, and most recently acquired Bennington Towers, a 236-unit complex at 2460 Peachtree Road NW for $35.6 million. Earlier this year, an investment group sponsored by Steven D. Bell & Co., in conjunction with Jacoby Development Inc. and D.H. Griffin Cos., committed $100 million to redevelop a former Ford Motor Co. site near Atlanta's airport. The plan includes 6.5 million square feet of offices, retail, a hotel and a conference center, with 4,000 parking spaces, all located on 130 acres.