REIT Sells Ga. Apartments

Real Estate

TSC Staff

12/15/05 - 03:16 PM EST

Closely held Collins Group acquired the 224-unit Weatherly Apartments in Stone Mountain, Ga., from Apartment Investment & Management (AIV Quote).

Terms weren't disclosed, but Brooklyn, N.Y.-based Collins said the deal was financed by Wachovia Bank. The purchase marks Collins' second acquisition in the DeKalb County market this quarter, and Collins' sixth apartment community in the metro Atlanta area this year.

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