Gazit Globes unit expands in Atlanta

Royal Senior Care has bought three rent-controlled tenant properties in Atlanta for $18.3 million, parent company Gazit Globes said Sunday.

Royal Senior Care has bought three rent-controlled tenant properties in Atlanta for $18.3 million, parent company Gazit Globes said Sunday. The properties include 165 units with potential to build additional units on the 11,200 square meters of rentable territory where the buildings are found. Royal Senior Care, which is 50% owned by Gazit Globes, manages 12 similar properties with over 1,450 units in the Southeast region of the US, where elderly tenants receive rental subsidies. The company forecast that the purchase will yield a return of 8.3% based on current occupations and fixed rental prices.