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Connor Group buys Atlanta apartment project for $110M

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Connor Group buys Atlanta apartment project for $110M

Ohio-based real estate investment company Connor Group bought a 350-unit apartment project on the Beltline Eastside Trail in Atlanta from a joint venture between Carlyle Group LP and North American Properties Inc. for $110.2 million, the Atlanta Business Chronicle reported.

The deal is the biggest apartment sale in the city so far in 2019 in terms of per-unit price at $315,000 per unit, the report noted, citing Databank Inc.

The transaction was financed by a loan from Truist Financial Corp.

Apartments are leased from about $1,200 for the affordable units to $4,400 for three-bedroom units, reflecting some of the highest rents in the city, according to the report. The project, called Edge, has a few dozen affordable units.