GFI Realty acquires $17 million, 288-unit Atlanta apartment community

GFI Capital Resources Group, Inc. has purchased The Clairmont, a 288-unit, gated garden-style apartment community, for $17 million. The property is 94% occupied and consists of 229,938 s/f. "GFI is an opportunistic buyer," said Michael Weiser, EVP of acquisitions for GFI Capital Resources Group. "Current market conditions enabled us to secure this property with favorable terms. The Clairmont is well constructed with little capital needs and consists of many long term residents, giving the property a level of stability." Amenities of the property include two swimming pools, a poolside grilling area, detached garage spaces, 24-hour fitness center, an executive business center with wireless internet service, immaculately landscaped grounds, and dry cleaning pick up service. GFI intends to retain The Clairmont for long-term ownership and will be investing capital into several exterior updates during the first 30 days of ownership. "This was a good addition to GFI's Atlanta portfolio," Bob Mascaro, VP of acquisitions for GFI's southeast region. "GFI is looking for additional opportunities where we can use our purchasing power to secure good returns."