In the Pines

Transaction Overview
Property Type: Multi-family
Transaction: Property acquisition / disposition

Transaction Background
In the Pines is a two-phase multi family community constructed in 1980 and 1983. It is comprised of 256 units and is located in Augusta Georgia. The phases are identical in exterior construction and appearance with two story elevations, breezeway entrances, pitched roofs and composite siding. Flournoy Development Company of Columbus, GA, one of the nation's largest developers, owners and managers of apartment properties, constructed and managed the property.

Transaction Summary
A Cheslock Bakker led partnership contributed equity capital to purchase Liberty Real Estate's 95% interest in two partnerships, the respective owners of In the Pines I and II. John F. Flournoy, the principal owner and CEO of Flournoy Development Company, retained a general partner's interest in both ownership entities. The project was sold in December 1998 to Colonial Properties Trust, a publicly traded REIT.