Atlanta apartments up for grabs

Real Estate Alert, Feb 4, 2004

Trammell Crow Residential is offering a newly developed apartment complex in Atlanta that is valued at up to $56 million.

The 330-unit Alexan Terrace, located at 144 Ponce de Leon Avenue, does not have an asking price. But local brokers expect it to fetch as much as $170,000/unit.

The property, still in its initial lease-up phase, is 65% occupied at an average rent of $1,500. The eastern portion of the complex, which has 195 units, is almost fully leased. But only a few of the 135 units in the west portion are occupied. A buyer might want to convert the west portion into condominiums.

The apartments average 1,000 square feet. Each section of the complex has its own package of amenities, including indoor parking and clubhouse/business centers.

EFG, the developer's broker, will take offers Feb. 20. For more information, call Greg Engler at 678-566-3700.