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$52M Moves 314-Unit Luxury Complex

ATLANTA-JP Morgan is purchasing the Lindbergh Vista Apartments in a structured deal.

By Ryan Clark | Updated on December 08, 2009

ATLANTA-JP Morgan is purchasing the Lindbergh Vista Apartments in Buckhead, for $52 million. The luxury apartment complex, built by Vista Realty Partners, clocks in with 314-units. The sale was arranged by JP Morgan on behalf of unnamed institutional investors in an all-cash deal.

The property went to the market over a year ago with a heavily interested JP Morgan chomping at the bit. The buyer worked out a structured deal in October 2008 to purchase the property after a few conditions were met, David Gutting, executive director of apartment brokerage services for Cushman & Wakefield, tells GlobeSt.com. He explains that the purchaser was enticed by the advantageous commuter location and proximity to the MARTA public train system.

The property was roughly 20% to 30% leased at the time and was still in the midst of construction, so JP Morgan worked out a two-part payment system, Gutting explains. The company paid a large portion of the purchase price in October and stipulated that the second payment, completing the buy, would be contingent upon an occupancy rate of above 70% and a lease rate of on average $1.30 per square foot. Currently, rental rates are between $1.30 and $1.36 per square foot.

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