Georgia apartments bought in $13M deal

Repositioning community to cost several million more

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Lane Co. on Monday announced it has purchased the Oakwood Village Apartments in Chamblee, Ga., for a price of $13.2 million. The 184-apartment community, located at 3200 Oakwood Village Lane, will be renovated and renamed Aviara Oaks Apartment Homes. Lane Investment & Development Services LLC, with the assistance of Lane Strategic Renovation, will renovate the community inside and out, including new landscaping, new siding, appliances, kitchen cabinets and bathroom fixtures. Cost for the improvements is expected to be $4.2 million. "While this is smaller than the typical deal that we would normally do, this is the sort of investment community that Lane is seeking nationwide," said Phil Pitney, president of Lane Strategic Investment LLC, in a statement. "The community is in an excellent location and has tremendous potential." ...