PTC apartments sold for $9M
The Concord Village apartment complex in south Peachtree City has been sold to an Atlanta-based real estate investment and operating firm.
QR Capital bought the 180-unit complex for $9 million in a recent transaction.
The company plans to conduct a renovation including roof work, amenity improvement and cosmetic fixes such as paint touch-up and landscaping, according to Matthew Hunsicker of QR Capital.
QR Capital also plans to re-market the facility to “improve its performance,” Hunsicker said.
Concord Village is located a short distance south of the intersection of Peachtree Parkway and Crosstown Road.
The current fair market value for the apartments as determined by the county tax appraiser’s office is $6.48 million.
Concord Village initially opened in the mid-90s under the name Peachtree Station, but the name was later changed to Harmony Village.
QR Capital’s management team has been involved in more than $5 billion of commercial real estate transactions.
As operators, the principals of QR Capital have been involved in every aspect of multifamily property acquisition and ownership, including hands-on management of just under 30,000 apartment units and supervision of over $400 million in property construction and renovation.