Georgia apartment complex for sale

Real Estate Alert, May 26, 2004

A developer is seeking $25 million for a suburban Atlanta apartment community.

Atlanta-based Wilwat Properties has retained CB Richard Ellis to market Tree Ridge Apartment Homes, a 360-unit complex at 2843 Holcomb Ridge Road in Alpharetta. At the asking price, the buyer's initial annual yield would be 6.5%.

The 39-building property was built in 1985 and renovated in 2000. It is 90% occupied, with rents of $723 to $990 for the one- and two-bedroom units. The property is located near Horseshoe Bend Country Club and Country Club of the South, as well as the Rivermont and River Pines golf courses. The immediate area has seen no apartment construction since 2001.

For more information, call Kevin Geiger of CB at 404-923-1422.