Corus Bank sold The Brookhaven high-rise condos, with 193 units built in 1985 and located on three acres at 3833 Peachtree Road, to an investor group named 3833 Peachtree LLC. The sale is the first bank-owned, fractured condo transaction in Atlanta, according to Chris Spain, an executive director with Cushman & Wakefield's local office.
Cushman & Wakefield did not disclose the sale price at the new owner's request. But other sources familiar with the transaction cited the price as nearly $15.8 million, or $82,000 per unit.
Magnolia at Whitlock, a 152-unit apartment complex at 925 Whitlock Ave. in suburban Marietta, was sold for $6.3 million to Fortress Capital by Equity Residential. The 152-unit complex on 10.5 acres was built in 1981 and the sale calculates to just under $42,000 per unit.
"In a market where there is moderate new supply being delivered, we are confident that multi-family housing investments will perform solidly in the foreseeable future," Spain stated in a release. Seven other Cushman & Wakefield brokers were involved on both sides of the two transactions.
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