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Williams Realty Trades 1M-SF Apt. Portfolio for $91M

Preferred Apartment Picks Up 928 Units in Atlanta, Raleigh, Austin
January 24, 2013
Williams Realty Advisors sold three multifamily communities totaling 928 units in Atlanta, GA, suburban Raleigh, NC, and Austin, TX, to Preferred Apartment Communities Inc. for $90.8 million, or approximately $98,000 per unit.

PAC secured financing through Prudential Multifamily Mortgage Inc. and Jones Lang LaSalle Operations LLC.

The 1.08 million-square-foot portfolio consists of:
  • Ashford Park--408 units at 2000 Asbury Square in Atlanta’s Central Perimeter submarket;

  • Lake Cameron--328 units at 100 - 1400 Cameron Woods Drive in Apex, NC; and,

  • McNeil Ranch--192 units at 6280 McNeil Drive in Austin.

The properties were built between 1992 and 1998.

WRA is a commercial real estate development and acquisition firm. PAC is a property and investment management company. Both parties are headquartered in Atlanta.

See CoStar COMPS #2657959 for more information.
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