Mesirow Financial of Chicago bought Atlanta’s Post Biltmore apartments for $51Million. The 276-unit apartment building is located at West Peachtree and 6th streets. It will spend up to $8k per unit upgrading and most likely….increase rents! Currently, the building is at 97% occupancy with an average rent of $1300 per month.
Rental rate in Midtown increased by 12 percent and the vacancy rate was near 96 percent.
Been on the fence about renting vs. buying? Just might be time to jump OFF that fence!