|
|
 |
 |
  |
 |
|
 |
|
 BACK TO NEWS |
02/12/2008 |
| STERLING AMERICAN PROPERTY ANNOUNCES SALE OF THREE MULTI-FAMILY PROPERTIES |
|
Sterling American Property Inc. recently announced the sale of three multi-family assets totaling 994 units in the Atlanta, GA area. The properties were purchased by GFI Capital Resources Group, a full-service real estate firm headquartered out of New York City. Mel Mayers, Senior Vice President of Sterling American Property, negotiated the multi-million dollar transaction.
Sterling American Property acquired these properties through its SAP II Fund between 1997 and 1998. The firm quickly began substantial exterior renovations that included new landscaping, security gates, new facades and parking lot improvements, which over the course of its ownership enhanced the assets quality.
The properties sold to GFI include Park at Bouldercrest , a 438-unit apartment complex located at 26 Bouldercrest Lane SE in Atlanta, GA; Park on Candler, a 268-unit apartment complex located at 2571 Candler Road in Decatur, GA; and West Chase, a 288-unit apartment complex located at 7200 Six Flags Parkway in Austell, GA.
“Sterling American purchased these properties due to their ideal location and over the years, we were able to leverage the assets to fully execute on our business plan,” said Mr. Mayers. “After a slow-down, Atlanta has experienced a strong rebound and the GFI Group saw the perfect opportunity to continue its investments in the market.”
All three multifamily properties offer a surplus of amenities. The Park at Bouldercrest has an Olympic-size pool and sundeck, a sport court, playground, lighted tennis courts and picnic areas. The Park on Candler includes a brand new fitness center and clubhouse, pool and laundry facilities. West Chase offers residents two swimming pools, tennis and basketball courts, a nature trail, children’s playground, laundry facility and is in close proximity to the Six Flags Entertainment Complex.
About Sterling American Property Inc.
Sterling American Property Inc is a real estate investment affiliate of Sterling Equities and American Securities LP. Its Sponsors have a successful 35-year history of national real estate development, acquisition and asset management. Since 1991, Sterling American Property’s four consecutive real estate funds have invested in more than $3.0 billion of assets in 43 states, often in conjunction with strong regional joint venture partners. Sterling American has recently launched its fifth fund; Sterling American Property V (SAP V). SAP V is a discretionary fund in excess of $600 million that will invest in all forms of real estate, with an emphasis on office and multifamily opportunities. As much as 25% of its capital may be deployed for development opportunities. Sterling American Property Inc. is nationally recognized for its ability to respond quickly and with entrepreneurial agility to opportunities and market changes.
|
|
|
|
 |
|
 |
|
|
