ATLANTA, GA – Franklin Street arranged the sale of Central Park Apartments, multifamily community located on 582-614 Roberts Drive in the city of Riverdale, approximately 10 miles south of Atlanta.  The purchase price of $4.6 million, represents the highest cost per door recorded this year for an unrenovated 1970s-era multifamily property in the Riverdale submarket.

Franklin Street’s Atlanta multifamily investment sales team, which included Jake Reid and Roger Schoerner, represented the seller, a locally-based private investor.  The buyer is a Texas-based private equity group with additional holdings in Georgia.

“This transaction reflects the recent additional investment in neighborhoods with a heavier density of workforce housing that are experiencing rent growth above the market average,” said Reid.  “The buyer recognized the property’s value-add potential in one of the strongest rent growth markets in the metro Atlanta area. The sales price also sets a new benchmark for similar vintage assets in the Riverdale market.”

Built in 1972, Central Park Apartments is centrally located between I-285 and I-85 and offers a mix of townhome and garden-style 2-bedroom units. The property features large floor plans, walk-in closets, washer and dryer connections, as well as private balconies and patios.