After 30 years of ownership, Tempo Properties has sold its extensive portfolio of apartment buildings along Buford Highway to Washington-based equity real estate firm Wilkinson Corporation. Anyone who’s driven along the internationally-infused strip can grasp the significance of the $35.75 million deal; Tempo’s name was plastered on practically every other circa 1970 apartment complex along the road. More specifically, Tempo’s holdings included 12 buildings holding 1,188 units, which for years have housed a significant chunk of Atlanta’s Latino immigrant population. Wilkinson’s main attraction to the Tempo portfolio was the superb geography of Buford Highway. It might not be much to look at, but Bu-Hi serves as a major northeast Atlanta connector, and that along with the renewed mania for rental properties gives it great long term value. For the time being, Wilkinson plans on making repairs and renovations to the properties. In other words, they’re doing what Tempo probably hasn't since Madonna was wearing cone bras.
(Special thanks to Curbed reader Johnny B. for the great tip!)
· Marcus & Millichap Arranges $35.75 Million Multifamily Portfolio Deal [Marcus & Millichap
· Tempo Properties [official site]