QR Capital Acquires Atlanta Apartments
Atlanta–QR Capital has acquired Collier Ridge Apartments, a 300-unit property in Atlanta. Located at 2121 Defoors Ferry Rd. NW, the property is on 39 acres and comprises 49 residential buildings that are about 94 percent occupied. The community was originally built in 1980.
Collier Ridge’s apartments and townhouses range from about 1,330 square feet to 1,635 square feet. Common amenities include a fitness center, tennis courts and a pool. The property is in the Collier Hills neighborhood, which is on the border of Buckhead and Midtown.
Trevor Ritter of Colliers International-Atlanta’s Capital Markets Group and Charlie Mentzer of Beech Street Capital arranged a $21.15 million loan for the acquisition. Freddie Mac provided the 10-year/30-year loan, which carries a two-year interest-only period.
The locally based QR Capital, which specializes in multifamily ownership in the Southeastern United States, plans to invest about $5.2 million in renovations in Collier Ridge Apartments over the next 12 months. The company’s plans include upgrading unit interiors and exterior finishes, as well as property amenities.
Midtown/Downtown has a somewhat tighter apartment market than Buckhead, according to Marcus & Millichap, which put the submarkets’ vacancy rates at 4.1 percent and 6.1 percent, respectively, as of the third quarter of 2013 (though both are tighter than metro Atlanta’s vacancy rate of 7.3 percent). The two submarkets command some of the higher rents in the metro area, with Midtown/Downtown apartments fetching an average of $1,156 a month, while Buckhead rents average $1,222 a month.Tags: Acquisitions/Dispositions, Collier Ridge Apartments, property management, QR Capital