Area apartments under new ownership

By Michelle E. Shaw

The Atlanta Journal-Constitution

Two Atlanta area apartment properties sold recently, according to Cushman & Wakefield, the real estate services firm that handled the transactions.

Madison at River Sound, a 586-unit apartment complex, was purchased by B&M Management, based in Montgomery, Ala., for $39 million, according to a news release from the firm. Located off of Ga. 316 in Gwinnett, the complex has one-, two-, and three-bedroom units. It is more than 90 percent occupied.

Covington Glen, a 254-unit apartment complex in Decatur was bought for $4.5 million by Southwood Real Estate, based in Gastonia, N.C, the release said. The apartment community, built in 1989, has one- and two-bedroom garden and townhouse units. Occupancy is approximately 70 percent.