Tenant-in-common investors recently purchased a 260-unit apartment community in Norcross, Ga., for an undisclosed amount.
The property, Wesley Paces, sold by Euramex Management Group LLC, comprises approximately 296,000 square feet and is situated on 22 acres. A total of 10 residential buildings and a separate building that houses the community’s clubhouse and leasing center are included. Community amenities include a lagoon-style pool with sundeck, car wash, fitness center, executive business center with conference room, and controlled-access entry gates.
Built in 2000 and 2001, Wesley Paces was 92 percent occupied at the time of sale, and features an average unit size of 1,140 square feet and a parking ratio of 1.8 spaces per unit.