CoStar reported the apartments sold for 10Million or $75,200 Per Unit (133 units total). Our research confirmed both the sale price and found a legal description confirming the reported 13.8 acres, bringing the sales price per acre to $724,638. Click here to read the Article
The Business Chronicle Also reported the story Click Here
Just when news stories covering the doom and gloom of the real estate bubble seem to be at a fever pitch you find transactions continuing to defy the logic of the Wall Street Journal and Ny Times. Anyone remember this story from this time last year in the Atlanta Business Chronicle “Lenders pull back on condominium financing“? Surely after a full year this Condo Conversion market would be six feet under by now ??…..
Well not according to Regions Bank who provided Silvertree Apartments Inc., Managed by Act Investments of Chamblee with a three year $12.47 Million dollar Construction loan. (Deed Book 43143 Page 349)
On ACT’s Website they list the Avalon Townhomes as “a total of 133 townhome units contained in sixteen two-story buildings. The property is located in Sandy Springs, Georgia consisting of 118 two bedroom unit and 15 three bedroom. The townhomes range in size from 1,100 to 1,600 square ft.” By the way, thier website http://www.avalonofsandysprings.com/ looks great!!! (it apears my website designer Drew Barton over at Southern Web Group has scooped me again on this story since the website is already completed) From now on I am just going to call Drew when I am looking for the latest gossip since he and his team seem to be producing every real estate website in town!
To all you developers and RE guys out there… These appartment ratings websites are becoming an increasingly usefull tool in rating the health of apartments. Check out the dirt these residents are dishing out on Silvertree from one of the major sites found from a simple Google search. (click here)
