Atlanta firm buys Chesapeake apartment complex for $28.8 million.
- May 14, 2013
Catalyst Development Partners LLC, an Atlanta-based private real estate investment and management firm, has purchased a 176-unit, Class A apartment complex in Chesapeake for $28.8 million, or about $160,000 per unit.
The sale was announced Tuesday by ARA, an investment advisory brokerage firm in Atlanta that focuses on the multihousing industry. ARA Mid-Atlantic Principals Mike Marshall and Drew White and Associate Broker Wink Ewing represented the seller, The Franklin-Johnston Group. Based in Virginia Beach, it's a regional developer and manager of multi-family housing.
Built in 2012, The Carlton at Greenbrier is located one block from Greenbrier Mall.
"There continues to be a very high demand for luxury apartments in Chesapeake, as shown by the unprecedented lease-up of The Carlton at Greenbrier. Investors gravitated to the location, quality of construction and the potential for rent growth in the near-term. The new owners will be very pleased, as they have acquired a 'best-in-class' asset in a very strong market," ARA’s Wink Ewing said in a statement.
According to ARA, Catalyst Development Partners intends to streamline operations and grow rents in the near-term.