In a prepared statement, Investment Realty president Guy Savage says "we bought it below replacement cost, yet it could never be replaced because 46 acres of land in Alpharetta today is neither available nor affordable."
"personally looked at 70 properties and we went through every one of them with a fine-tooth comb.Huntington Farms
was the only one that made perfect economic sense because the land alone is so valuable."Investment Realty
formed Huntington Farms Associates LLC
as the property's owner of record.
"There will be a million people in North Atlanta in the next 10 years, so this is a long-term hold for us," Savage
says."I have my personal equity in an apartment complex, so I have skin in the game."Asset and Investment Managers, a firm owned by Savage
, will handle property management and leasing activity at Huntington Farms.