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Private Venture Buys Two Apartment Properties

Two private real estate investment firms have acquired a pair of apartment complexes in Georgia and Washington for a grand total of $56 million. A joint venture between McLean, Va.-based private equity firms JER Partners and Beverly Hills-based FSC Realty closed on the two properties earlier this month.

The first property to be bought was the Summit at Lenox, a 431-unit Atlanta apartment complex that fetched $30 million in July. Later in the month, the joint venture then purchased the Covington Farms Apartments, a 352-unit apartment complex in Everett, Wash. That property sold for $26 million.

With the Covington Farms acquisition, the joint venture now holds two Washington apartment properties. The joint venture also owns the Glen Park apartment complex at West Campus Apartment Homes in Federal Way, Wash., which it purchased in April.

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