Marcus & Millichap negotiated the sale of the 1,026-unit Land South apartment portfolio in the Atlanta metropolitan area.
The value of the transaction was approximately $84.2 million.
A Macon, Ga.-based private investor sold the three-property portfolio to Houston-based Creekstone Cos.
Preston Landing at Sweetwater, located at 1100 Preston Landing Circle, is a 240-unit garden-style apartment community situated on 33.3 acres in Douglasville, Ga. The property, built in 2003, consists of nine three- and four-story apartment buildings and a separate community clubhouse and leasing center. The property features a resort-like swimming pool, fitness center, lighted tennis court, separately enclosed garage units and a spacious rolling landscape. Preston Landing offers one-, two- and three-bedroom floor plans, ranging from 866 to 1,441 square feet.
Preston Park at Satellite, located at 2110 Preston Park Drive, is a 440-unit garden-style apartment community located just 20 miles northeast of downtown Atlanta in Duluth. Built in 2002, the property consists of 20 apartment buildings and a separate community clubhouse and leasing center, and stands on 41.8 acres. Preston Park features one-, two- and three-bedroom floor plans, which range from 1,014 to 1,476 square feet. Community amenities include a large swimming pool, fitness center, family playground, lighted tennis courts and separately enclosed garages.
Preston Pointe at Windemere, located in Cumming, Ga., consists of 346 garden-style luxury apartments. Located at 3100 Preston Pointe Way, the 433,128-square-foot property was built in 2000. The complex features one-, two- and three-bedroom units, which range from 931 to 1,467 square feet. Property amenities include a pool and spa, fitness center, clubhouse, tennis court, playground and detached garages.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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