AIMCO Acquires Luxury Atlanta Community

Colliers International has bought a luxury 30-unit apartment community located in the heart of Atlanta, Georgia.

Park and 12th, a Class AA property, was recently bought out by AIMCO. While the price was not disclosed, Will Mathews and Ron Cameron of Colliers International’s Atlanta office will represent the seller in the transaction.

According to Mathews, this “transaction presented an excellent opportunity for Aimco to own a coveted asset in the heart of Midtown, Atlanta. Due to the strength of the Midtown leasing market, the property’s unbeatable location and the high quality of the asset, the new buyer will have the ability to organically grow revenue by raising rents as units turn over and become available.”

In the meantime, Equus bought a 251-unit apartment in Missouri. Equus, formerly BPG Properties, Ltd., acquired Village Park of Ballwin in the suburb of St. Louis, Missouri. The asset was 93 percent occupied at the time of sale, and Madison Apartment group, a multi-family arm of Equus, will manage the community.

In Humble, Texas, Starlight U.S. Multi-family Core Fund entered into an agreement to buy a 35 percent interest in Alexan Eagle Creek, a 412-unit, garden-style Class A asset. Alexan Eagle Creek is currently managed by Greystar Real Estate Partners. Amenities include a central clubhouse, business center, fitness center demonstration cooking area, internet cafe, and two outdoor swimming pools on a 22-acre site. Currently, Eagle Creek is 93.2 percent occupied.

About Jamco Properties

Jamco Properties (http://www.jamcoproperties.com/jamco.jsp?catid=36) specializes in acquiring and renovating metro area apartment communities in Atlanta, Georgia. If you’re looking for a new home with updated appliances and beautiful scenery, visit the website today to find your new luxurious and maintenance free apartment home.

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