Dayton real estate investment firm sells apartment complex for $47M

Atlanta apartment complex Adrmore & 28th sold
Atlanta apartment complex Adrmore & 28th sold

The Connor Group reported today it sold a luxury apartment complex in Atlanta for $47.25 million.

The sale of Ardmore & 28th is the Dayton firm’s second property sale in 2020.

“People, plans and process make the difference,” managing partner and CEO Larry Connor said. “Thanks to our Atlanta associates following our proven systems, they successfully re-engineered the property in less than 24-months, putting us in phenomenal position to sell.”

Ardmore & 28th was originally purchased for $39 million in October 2018, according to the Connor Group. The sale gives $77,633 in proceeds back to the company’s non-profit arm, Kids and Community Partners, the company said in a statement.

“We believe organizations like ours who have been extremely successful have both the opportunity and the obligation to give back,” Connor said. “We don’t look at it as a gift. We look at it as an investment. Over the next decade, we anticipate investing $500 million in non-profit endeavors to help disadvantaged kids.”

Throughout the pandemic, the company said it has provided $1.5 million in small business loans to minority and women-owned businesses, $380,000 in food distributions to local Dayton students and their families, and 50 wi-fi hotspots to students to assist with e-learning.

The Connor Group, founded in 1992, currently owns and operates 42 luxury apartment communities in 14 markets across the country.