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GFI Capital Buys Clairmont Apartments

ATLANTA-The $17-million transaction for 288 units is termed as an opportunistic deal.

By Carl Cronan | Updated on August 24, 2009

ATLANTA-The 288-unit Clairmont garden-style apartment complex near Interstate 85 has been purchased by New York-based GFI Capital Resources Group Inc. for $17 million, or $59,000 per unit. GFI executives term the acquisition as an opportunistic buy.

The Clairmont, at 3078 Clairmont Road, is currently 94% occupied and totals 230,000 square feet on 11 acres. Amenities include two swimming pools, detached garage spaces, an around-the-clock fitness center and an executive business center with wireless Internet service.

“Current market conditions enabled us to secure this property with favorable terms,” says Michael Weiser, executive vice president of acquisitions with GFI Capital. “The Clairmont is well constructed with little capital needs and consists of many long-term residents, giving the property a level of stability.”

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