406-UNIT APARTMENT COMPLEX SOLD, RENOVATIONS PLANNED

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LITHONIA, GA. — Mercy Housing Southeast of Atlanta has acquired the 406-unit Highland Place Apartments in Lithonia from Miles-Alexandra for an undisclosed price. The buyer plans to spend $30,246 per unit to renovate the apartments; each unit will include washer and dryer hookups, new ceiling fans, new cabinetry and Energy Star appliances. Mercy has plans to turn the community building into a place to house a fitness center, a social room and the rental office. The company will also build a swimming pool, sports courts and a playground area at the property. The renovations are expected to be complete by the fourth quarter of 2010. Boston Capital provided tax credit equity for the purchase.

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