2/20/2008

Harbor Group sells 400 units in Atlanta for $32M

by

Veranda Apartments

An affiliate of ECI Capital, Inc. has purchased the Veranda Apartments in Atlanta, Ga., for $32 million from Norfolk, Va.-based Harbor Group International.

Kevin Geiger, Malcolm McComb and Paul Berry of CB Richard Ellis' Multi-Housing Group represented Harbor Group in the transaction.

The complex is situated on 33 acres at 2383 Akers Mill Rd. Built in the early 1970s, the Veranda Apartments contain 400 units and were renovated in 1994. The property was 96 percent occupied at the time of sale. ECI plans to invest more than $2 million in interior and exterior renovations.

Geiger recently represented Harbor Group in the $24.35 million acquisition of the Abernathy Apartments in Atlanta.

Address: 2383 Akers Mill Rd., Atlanta, Ga.

Size: 400 units

Built: 1970s

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Filed Under: Multi-Family

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