American Realty Advisors Sheds 816-Unit Southeast Portfolio
The company sold three multifamily communities in Georgia and Tennessee, with a helping hand from HFF.
by Evelina Croitoru
ALARA River Oaks
Atlanta—HFF has announced that it has closed the sale of three southeastern multifamily communities totaling 816 units. The company marketed the properties on behalf of seller American Realty Advisors.
The assets traded as separate transactions to separate buyers. Jason Nettles, senior managing director with HFF, and Director Megan Thompson led the investment sales team representing the seller. Financial details of the transactions have not been disclosed.
Located at 900 Jameson Pass in Alpharetta, Ga., Alara North Point features 264 one-, two- and three-bedroom units with a fitness center, business center, clubhouse, pool and 264 parking stalls, among other amenities. The property was acquired by Greystar.
Alara Park Bridge is situated 4.3 miles away from Alara North Point. Located at 15000 Parkview Lane, the 352-unit apartment community offers controlled access, a fitness center, tennis court, pool and 600 parking stalls. The asset sold to Stockbridge Capital Group.
ALARA River Oaks consists of 200 units situated on a 34.4-acre site at 1000 Champions Circle in Franklin, Tenn., south of Nashville’s central business district. Property amenities include a fitness center, business center, clubhouse, spa, pool and 300 parking stalls, among others. The community sold to TH Real Estate, a division of TIAA Global Asset Management.
The three garden-style communities boast an overall occupancy of 94 percent.
“Record-setting job growth, population gains, company relocation and cultural buzz define both the Atlanta and Nashville markets. As a result, the properties are well-positioned for long-term asset value preservation due to their strategic location in two of the country’s fastest growing metropolitan areas,” Nettles said in prepared remarks.
Image courtesy of HFF
