Ackerman & Co. Sells 200-Unit Apartment Building for $10MM

Atlanta, August 5, 2014 – Ackerman & Co. has brokered the sale of a 13.8-acre, 200-unit apartment building complex, in St. Marys, Ga. for $10,000,000. The Property, built in 1991, comprises 29 buildings, and is located near Georgia Highway 40, less than 3 miles from the naval submarine base.

“The buyer was seeking stabilized assets to add to their existing portfolio. At 94% occupancy and located in close
proximity to employment, retail and business centers, Harbor Pines Apartments was a compelling buy,” said Chitra
Subbarayan, vice president of brokerage at Ackerman. Chitra, along with Andy Sutton represented the seller, Harbor
Pines Partnership, Inc., in the transaction. The property was purchased by a private investment group based in New York.

About Ackerman & Co. 
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 30 million square feet of office, medical, retail and mixed-use space, has nearly 4 million square feet under management, and maintains an investment portfolio valued at $750 million.

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