Broadtree Residential, a part of Broadstone, has picked up a 440-unit apartment complex in metro Atlanta. The property, Stone Ridge at Vinings, sold for $58.3 million or $132,500 per unit. Built in the 1970’s, the property rests on a 30 acre site and encompasses 49 buildings at 3000 Cumberland Club Drive. Greystone Brown Real Estate Advisors advised both the buyer and the seller, Florida-based Ventron Management. “In marketing the asset for Ventron, we were confident that the vintage property would attract a lot of interest due to its attractive amenities and the price per square foot compared to costs for new construction. Stone Ridge at Vinings is a highly competitive product with substantial upside for the investor,” said Bo Brown, President, Greystone Brown Real Estate Advisors.
