A 50-plus-year Augusta property developer just sold one of its apartment complexes after building it four years ago.
ATC Development, headquartered in downtown Augusta, just sold MacArthur Park in the Barton Chapel area in South Augusta. There are 290 units, and currently 264 are leased in the community for a 91% occupancy rate.
There are many amenities like a dog park, saltwater pool, business center, and more.
The sale price of $40.6 Million reflects a per-unit price of $140,000 at an average of $168 per square foot.
An out-of-town buyer is the new owner, and Greystar, a large leasing company based in Charleston, will manage the property. Commercial realtor Berkadia (a subsidiary of Berkshire Hathaway) handled the transaction.
ATC Development was founded in 1973 and is currently headquartered at 901 Greene Street in downtown Augusta.
ATC still has 9 properties in the CSRA that it built and still continues to manage, with a 10th being built in Grovetown.
