An Ohio-based real estate investment firm has cashed out of a Buckhead apartment community for a big profit.
The Connor Group of Dayton purchased Brookwood Valley, a 240-unit property at 2035 Peachtree Road, in September 2010 for $17 million. It owned and operated the community for almost eight years before it was sold earlier this month to AP Ocean Acquisitions LLC for $36 million.
The Connor Group now owns and operates three properties in Georgia – two in Atlanta and one in Marietta. The Brookwood Valley transaction marks the company’s seventh property sale in the last 12 months.
Map showing location of Brookwood Valley apartments.
“We’ve been forecasting a shift in the market for quite some time,” said Connor Group managing partner Larry Connor. “Although we think it’s imminent, there are still great opportunities to sell. That was the case with Brookwood Valley.”
The Connor Group was founded in 1992 and now has more than $2 billion in assets. In addition to its Atlanta properties, the company owns luxury apartment properties in Ohio, Dallas, Nashville, Chicago, Minneapolis, Raleigh-Durham, Austin and Charlotte.
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