Franklin Street announces the sale of Regal Forest Apartments, a 116-unit Class C community located in Morrow, Georgia, for $4.2 million. Jake Reid and Ricky Jones of Franklin Street represented the locally based seller in the transaction. Minnesota-based Regal Forest Apartments, LLC, was the buyer.

“The investor plans to take advantage of management efficiencies, as this is a low vacancy market with continued upside rental potential,” Reid said. “The buyer was able to take advantage of attractive agency financing to provide strong yield over the long term.”

Morrow is increasing in popularity for residents due to its affordability as well as proximity to Hartsfield Jackson International Airport, the North American Porsche Headquarters and Downtown Atlanta.

“The price was well above recent sales of similar vintage in this submarket, illustrating the continued demand for yield and the recognizable upside in markets not prone to new construction,” Reid said.

Regal Forest was built in 1971, includes large floor plans, a playground, and laundry facility and is in walking distance to Clayton State University.

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