A local apartment community has been sold by a Nashville-based real estate firm.
Nicol Investment Co. Jan. 27 announced it sold Evergreen Lenox Park, a 206-unit luxury apartment complex in the north Buckhead/Brookhaven area, to an unnamed New York-based pension fund for $46 million. According to a news release, Nicol purchased Evergreen in 2013 and invested more than $2.5 million to upgrade the units, exterior, clubhouse and amenities.
“The location of Evergreen Lenox Park is exceptional. As opportunistic investors, we were able to acquire the asset and invest in many upgrades to help it become a top choice in the competitive, Class-A luxury apartment market in north Buckhead,” Nicol Chief Financial Officer Ron Johnson said in the release. “We have an excellent, experienced team and are always looking for attractive investments in key Southeastern markets.”
Evergreen, located at 100 Lenox Park Circle, is within walking distance of top employers and close to shopping and dining experiences
Its sale marks Nicol’s sixth transaction in the last six months, including the sale of Hayes House apartments in Nashville, the acquisition of The Parker at Maitland Station apartments in Orlando and the acquisition of three self-storage facilities.