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Mar. 24, 2014

MHA Scores $39.85M Hat Trick in Atlanta

By Balazs Szekely, Associate Editor

Multi Housing Advisors has recently announced the sales of three metro Atlanta apartment communities, 734 units combined. The transactions are worth a total of $39.85 million and representing the sellers Josh Goldfarb and Tyler Averitt of MHA were the only brokers involved.

Since its inception in 2002, Multi Housing Advisors has sold over 83,000 units in more than 500 individual transactions for an aggregate of $2.7 billion. The company serves local, regional and national clients. MHA foresees a vigorous comeback in multifamily sales in Atlanta for the year to come, Goldfarb said in a recent statement.

“Atlanta’s apartment market is firmly in the middle of its recovery, and with continued rent growth and occupancy gains on the horizon, the metro area is proving to be very attractive to investors,” he adds.

The 297-unit Defoors Ferry West community in Atlanta’s West Midtown neighborhood changed hands for $16 million. The RADCO Companies acquired the 50-year-old complex from Urban Partners LLC. In another transaction, FortCap Partners affiliate FC Oaks, LLC paid $14.8 million to The Oaks of Briarcliff/W.C., L.P. for 227-unit The Oaks of Briarcliff. The garden-style community situated near Emory University and the city’s Buckhead district was built in 1964. The third community, the 210-unit Huntington Ridge in Norcross sold for a little over $9.05 million. LMREC CDO II REO VII Inc. was the seller and Greentree Real Estate Services LLC is the new owner of the property built in 1973.

Image of Defoors Ferry West via Google Maps

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