JOINT VENTURE ACQUIRES 450-UNIT ATLANTA APARTMENT COMPLEX

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ATLANTA — A joint venture between Baltimore-based Alex. Brown Realty and Newton, Mass.-based Chartwell Holdings has acquired the 450-unit Union Station Apartments, located southwest of Atlanta’s city center. ABR Chesapeake Fund III added $6.62 million to the transaction, but further details about the sale were not disclosed. Apartment amenities include two clubhouses, two pools, three tennis courts, a workout room and a meeting space. Alex. Brown and Chartwell will invest $2.6 million during the next year to renovate the property, and Chartwell will be responsible for management duties.

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