Marcus & Millichap negotiated the sale of the Windjammer Apartments in Atlanta.
The 320-unit community sold for $10.4 million and will undergo a $14 million to $18 million renovation.
Windjammer Apartments is located at 3200 Stone Road. The 340,400-square-foot property was constructed in 1972 on approximately 23 acres. The unit mix consists primarily of large two-bedroom apartments with 48 one-bedroom, 264 two-bedroom and eight three-bedroom units, which range in size from 970 to 1,400 square feet. Community amenities include a pool, spa and recreation area.
NuRock Inc., an affordable housing developer, acquired the property from World Capital Inc. NuRoc is receiving $16 million in funding assistance from the Fulton County Development Authority to renovate the 23-acre project.
Windjammer is being renamed Hidden Crest Apartments and is scheduled to reopen by June 2005.
At the time of sale, the property was 20 percent occupied.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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