The Highland Plantation Apartments complex at 5151 Highland Road has been purchased by Fowler Property Acquisitions LLC for more than $23.87 million. The complex, which includes a total of 421 apartments, was sold by Highland Plantation II LLC.
Highland Plantation Apartments is situated on both sides of Highland Road, just west of the Lee Drive intersection, next to a shopping center anchored by Walmart Neighborhood Market. The complex is about 85% occupied currently, with students in about half of all units, according to Chad Rigby with Stream Realty Partners, who brokered the deal with his brother, Boyce, who is also with the firm.
“The property was not actively listed for sale when we approached the owner, and we made a couple of offers before we settled on the $23,875,000 sale price,” says Chad Rigby.
The new owner has about 25,000 other apartment units in its portfolio, with a total estimated value of $2.7 billion, and the purchase of Highland Plantation was only one of several large acquisitions completed by the year, says Chad Rigby. The buyer specializes in student projects and sees this as a student property. Fowler plans to completely renovate the project, change the name and focus on student occupancy. Renovations are already underway, Chad Rigby says.
Highland Plantation II acquired the property in 2004 for $14 million, and at that time the project was almost entirely occupied by students. At $23.87 million, the sale price works out to about $56,700 per apartment.
—Tom Cook
