Lane, Griffin JV Adds $41M Multifamily to Portfolio

Waterton Associates LLC sold River Heights Apartments in Marietta, GA, to a joint venture of Lane Co., of Atlanta, and Griffin Realty Advisors for $40.7 million, or approximately $105,990 per unit.

River Heights includes one-, two- and three-bedroom units at 3702 River Heights Crossing. The 384-unit complex is Griffin’s first investment for its value-added fund. Interior and exterior renovations are planned.

The partnership will complete renovations of the first phase of apartments in early 2008, with the last group completed by November 2009.

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source: costar.com