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.