HomeVestors of America, the company that's behind the "We Buy Ugly Houses" billboards, says Atlanta is the second-best place to acquire run-down homes.
HomeVestors' 17 offices in metro Atlanta purchased 445 houses from October 2006 through September. Only Houston could top that.
HomeVestors is an 11-year-old company based in Dallas. After purchasing the houses, HomeVestors renovates and sells them. Atlanta finished ahead of Dallas; St. Louis; Phoenix; Fort Worth, Texas; San Antonio; Minneapolis; Chicago; and Milwaukee in the top 10.
TRANSACTIONS
Jamestown Properties is assembling land east of the Mableton area near I-285 and the Chattahoochee River, according to Databank. The development company recently paid $350,000 for a 1.8-acre tract with a building.
"It is part of an assemblage of several properties that has been progressing [since] spring/summer 2007," Databank says. Calls to Jamestown Properties were not returned.
> Henry Medical Center bought nearly 48 acres at Bill Gardner and Strong Rock parkways in Locust Grove for $7.1 million.
"It's a long-term investment for the hospital," said Donna Braddy, the Henry Medical marketing director.
Future plans might include medical office space and space for outpatient services, Braddy said. The land is on I-75 opposite Tanger Outlet.
> A Los Angeles-based commercial real estate lender has provided $24.5 million in financing for Legacy Key Apartments, a 350-unit complex on Dunwoody Place near Ga. 400.
Asland Realty Group of Irvine, Calif., and Somera Capital of Santa Barbara, Calif., recently bought the apartments. The new infusion of capital from Mesa West Capital will help pay for the acquisition and renovations. Riverstone Residential Group will be the property manager.
IN THE WORKS
Monte Hewett Homes and the Columns Group have begun selling units at the Brownstones at Decatur, an 84-home development on Scott Boulevard. The first 14 townhomes are scheduled to be completed in February and March. Prices start in the high $400,000s.
MOVING IN
Company officials with Urban Outfitters are scheduled to do a walk-through today at the soon-to-open store at Ponce de Leon and North Highland avenues.
The location is a high-traffic one but has been snakebit. The previous tenant, the Storehouse furniture store, closed after two months when the parent company declared bankruptcy. Before that, Market One and Harry's in a Hurry, two gourmet grocers, fizzled.
The new store, close to the funky Little Five Points shops and the more upscale Virginia-Highland shopping district, is scheduled to open in late February.
TODAY'S BIG NUMBER
$1.3
In millions, what Glenn Murer, owner of a telephone equipment wholesale company and co-owner of Mason Murer Fine Art, paid for 4.5 acres at 1111 Ridge Ave. in south Atlanta.
Source: Databank
