Preferred Apartment Communities Inc. has an agreement to buy Armour Yards. The deal for the 187,000-square foot project, which includes four buildings at Armour Yards, could reach at least $65 million and exceed $350 a foot, according to people familiar with the process. Preferred would likely complete the purchase through its subsidiary, Preferred Office Properties LLC. Atlanta developer Third & Urban and capital partner J.P. Morgan Asset Management put Armour Yards on the market last year. Eastdil Secured has the listing.
SOURCE: Atlanta Business Chronicle