Collins announces apartment sale.Ari Parnes, managing director of Collins Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , announced the Group's acquisition of Weatherly Apartments, a 224-unit community in Stone Mountain, Georgia Stone Mountain is a city in DeKalb County and Gwinnett County, Georgia, United States. The population was 7,145 at the 2000 census. Geography The town is named for Stone Mountain, the largest exposed granite dome in North America. . Weatherly is Collins Group's second acquisition from Denver-based AIMCO AIMCO Apartment Investment Management Company (Columbus, OH) (NYSE NYSE See: New York Stock Exchange :AIV AIV Avian Influenza Virus AIV Année Internationale des Volontaires (French) AIV Associazione Italiana del Vuoto (Italian Vacuum Association) AIV Assembly-Integration-Verification AIV Alternative Inter VLC ), the second largest apartment REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). in the country after Equity Residential. The deal settled for an undisclosed sum in a deal financed by Wachovia Bank. Apartment Realty Advisors (ARA Ara or Arrah (both: ŭ`rə), city (1991 pop. 157,082), Bihar state, NE India, on the Son Canal. A major road and rail junction, it is the administrative center for a district that produces grain, sugarcane, and oilseed. ) acted as broker. "Collins Group is very pleased about expanding its presence in DeKalb," commented Jay Herman, VP of Acquisition and Finance. Collins Group LLC is already a respected name in the metro Atlanta area, with acquisition activity there approaching thirty-five hundred units so far this year. Collins Group's Atlanta asset base will have a value totaling in excess of $150 million by year's end. In addition, the Group has several new assets and portfolios pending closing in the first part of 2006. "Downtown Atlanta is one of the most dynamic areas in the region for business development, Stone Mountain is one of the largest tourist attractions in the Southeast, and both are within a short drive of Weatherly--downtown is only 10 minutes away," continued Jay Herman. Parnes agreed. "This is a mid-1980's asset of brick and stucco construction, in a community with proximity to area amenities combined with overwhelming convenience--many Weatherly residents are able to walk to work ... a real quality asset." This marks Collins' second acquisition in the DeKalb County market this quarter, and Collins' sixth apartment community in the metro Atlanta area this year. "This acquisition is the perfect follow-up to Collins' acquisition of The Retreat in Doraville earlier this month ... Weatherly is a virtual twin to Lincoln Hills," remarked Parnes, referring to Collins Group's acquisition of the exclusive Marietta community earlier this year. The widely publicized 680-unit deal, brokered by Cushman & Wakefield's Apartment Group, was recently valued at over $40 million. |
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