Germantown apartment building Atlas Germantown has sold for $33.6 million, to a West Coast company that is seemingly new to the market.
Located at 200 Madison St. and sitting on 0.8 acres near the Christie Cookie building, the five-story building offers 101 apartments. Its new owner is G.W. Williams Company, which is based in San Mateo, California. Founded in 1923, the family-owned company bills itself as offering commercial, industrial and residential real estate holdings located primarily in the Western United States.
The seller was an LLC affiliated with Charlotte-based Delray Ventures. That company co-developed the site with Brentwood-based Grove Park Land Co. and opened Atlas Germantown in 2018.
The deal is the equivalent of about $332,673 per unit, which is close to the record, about $340,000, for a transaction involving a local urban apartment building. Maryland-based Walker and Dunlop seemingly brokered the deal.
Charlotte-based Cline Design was the architect, with Brentwood-based b3studio having provided design consulting. Nashville-based Elmington Capital Group manages the building.