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New York Investor Pays $72.3 Million for Decatur Apts.

Gamma Real Estate Adds Highland Lake to Growing Southeast Portfolio
February 8, 2018
Gamma Real Estate added another Atlanta-area apartment community to its growing collection in the Southeast.

The Manhattan-based investor late last month acquired the 386-unit Highland Lake Apts. in Atlanta's Decatur/North Druid Hills multifamily submarket. Gamma paid $72.25 million, or $187,176 per unit, for the community.

The seller was Fairfield Residential of San Diego, which acquired the asset in December 2012 for $51.9 million.

Gamma plans "an extensive renovation" that will include a new gym, clubhouse renovation, upgraded interiors and a new package locker room.

Gamma's investment strategy centers on acquiring multifamily assets in primary and second markets in the Southeast. In Atlanta, Gamma owns the Pencil Factory Flats near Grant Park, and in Savannah, it owns Waverly Station.

Located at 10 Highland Lake Cir., just off Clairmont Rd., Highland Lake was constructed in two phases - the first in 1998 and second in 2000. Gamma's website touts the community's location in the Clifton area of Atlanta.

"The Clifton Corridor is often referred to as 'Eds and Meds' as it is home to Emory University, Emory Healthcare, the Centers for Disease Control and Prevention (CDC), Children's Healthcare of Atlanta and the Atlanta VA Medical Center," the site says.

Greystone Servicing Corp. provided financing for the acquisition. For more information on the transaction, please see CoStar COMP #4128070.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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