East Point apartments sell for $39 million

By Michelle E. Shaw

The Atlanta Journal-Constitution

An East Point apartment complex recently sold for $39 million, according to Cushman & Wakefield, the firm that brokered the deal.

Jupiter, Fla.-based Landmark Residential Properties/Asset Development Group purchased Oxford Ridge Apartments from Atlanta-based Oxford Ridge JV LLC, a news release from the brokerage firm said.

Built in 2004, the 492-unit complex was not a “distressed property,” a rarity in this market, said David Gutting, executive director of Cushman & Wakefield Atlanta’s apartment brokerage services team.

“This sale is especially notable in that it is one of the few non-distressed properties to have traded this year,” he said in the release. “Oxford Ridge has been a solid performer throughout the downturn, which helped it attract a knowledgeable buyer from among the many investor groups now ready to re-enter the multi-family market.”