Jonesboro’s Aslan on the River Sold For $20.2M

Hamilton Point Investments, based in Old Lyme, Conn., acquired a 324-unit apartment community in the Atlanta suburb of Jonesboro, Ga. Josh Goldfarb, co-founder and co-managing partner of Multi Housing Advisors was the only broker involved in the transaction, acting on behalf of the seller.

Built in 2001, Aslan on the River Apartments offers one-, two- and three-bedroom apartment homes with access to a luxury swimming pool, fitness center, sports courts and picnic areas. The community is located on Riverview Place in Jonesboro, 18 miles from Downtown Atlanta, three miles from Interstates 75 and 285, and also in close proximity to Hartsfield-Jackson Atlanta International Airport, Atlanta Motor Speedway and Clayton State University.

Multi Housing Advisors is aiming to close 100 transactions this year, and with this deal, the company worked up the total value of its 2013 investment sales to $160 million. Besides its presence in the Atlanta market, MHA has offices in Birmingham, Ala. and Charlotte, N.C. and claims to have exceeded a total sales transaction volume of $2.4 billion since its inception in 2002, representing more than 76,000 units and more than 450 individual transactions.

In the last two months, MHA brokered two large transactions in the Atlanta metro-area. Concepts 21-Roswell, a 304-unit community changed hands for $15.6 million, whereas Wynscape, a 272-unit Chamblee-based neighborhood, was sold off-market for $5.8 million through the agency.

Pierce Eislen reports that eight apartment sales have been completed in suburban Atlanta over the last sixty days, totaling close to 1600 units.

Photo courtesy of Aslan on the River via Facebook