ATLANTA (Aug. 11, 2014) - The largest single-asset multifamily investment sale in Atlanta is upon us, and we expect the business media to jump all over the story this week.
Daniel Corp., Selig Enterprises and Northwestern Mutual have agreed to terms to sell the 77 12th Street apartment tower in the 12th & Midtown mixed-use development. The buyer is described as "an individual investor."
The buyer is expected to pay a record price-per-unit for the tower with 330 apartments. The sales price is expected to top $130 million, or $400,000 per unit, according to Commercial Real Estate Direct. The price is frothy, in part, because apartments at 77 12th Street are commanding $2.31 per square foot, the highest in metro Atlanta.
Engler Financial Group of Alpharetta, Georgia, which has the listing, shows the property as "Under Contract" on its website listing of Available Properties.
Now that this information is out, we look forward to seeing the local and CRE press give the story its due. Several outlets reported in March that the apartment tower had hit the market.