An affiliate of a Miami real estate company has reached an agreement to purchase the remaining unsold condos in Midtown’s 401-unit The Atlantic tower, according to sources familiar with the transaction. Crescent Heights is the buyer, according to sources.
It’s unclear whether Crescent Heights will try to sell the remaining Atlantic units or convert them to rentals.
The deal underscores ongoing volatility in the condo market, and that will cause buyers to proceed cautiously when making a purchase, said Lisa Simmons, president of Beacon Management Services of Atlanta.
ST said it sold 73 units since taking over The Atlantic tower in 2010, but in a statement it said sales had not been at the pace it had hoped. It was fetching from $173,000 to $733,033 for the condos in 2011, said Kevin Grieco of AtlantaSKYrise and Atlanta Fine Homes Sotheby’s International Realty. Atlanta Business Chronicle reported last fall that ST…
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