ATLANTA- The 734-unit Crestview apartment complex in unincorporated DeKalb County near Decatur, Georgia in the Atlanta metro, sold for $22.5 million, or $30,650 per unit, on April 15. Cushman & Wakefield brokered the sale for the seller, which was GE Capital. Decatur is about 10 miles east of Atlanta.  The buyer was B&M Management Co., based in Montgomery, Alabama.

Crestview, built in 1988, had been foreclosed on and was in GE’s reo portfolio, says David Gutting, executive director in Cushman & Wakefield’s Apartment Brokerage Services Group in Atlanta. Still he says that the sale of the property was not a distress sale, “because GE was happy to continue ownership of the asset, but Cushman & Wakefield was able to find a buyer under a structured finance/equity arrangement that allowed GE to sell at this time and participate in the future upside of the property.”