Arcan Capital Picks Up Atlanta-Area Apartments

1 min read

The 102-unit community, situated approximately 14 miles from Atlanta’s urban core, will undergo more than $2 million in renovations.

By Jeff Hamann

Parkside Sandy Springs in Sandy Springs, Ga.
Parkside Sandy Springs in Sandy Springs, Ga.

Arcan Capital has purchased a 102-unit apartment community near Atlanta. Previous owner Equity Management Co. sold Parkside Sandy Springs for $10.3 million, according to Yardi Matrix data. The buyer funded the acquisition with a 36-month, $10.5 million floating rate loan held by Hunt Mortgage Group. The financing package allows for two 12-month extensions to the mortgage’s term.

“This loan is comprised of $8.3 million of initial funding that will be used to finance the acquisition of the property and $2.2 million in a future funding commitment that will be used for capital improvements to renovate the property,” said RJ Guttroff, managing director of Hunt Mortgage Group, in a prepared statement.

Located at 300 Carpenter Drive N.E. in Sandy Springs, Ga., the property’s four two- and three-story buildings sit on a 5.4-acre parcel near Interstate 285, 14 miles from downtown Atlanta. The community is positioned amidst a number of retail properties, offering a diverse mix of shopping and dining options. Resident amenities include a swimming pool, two laundry facilities, a playground and about 250 parking spaces. The asset contains a mix of one- and two-bedroom units, ranging in size from 1,100 to 1,300 square feet.

Majority Capital Advisors arranged the financing for Arcan Capital.

Image courtesy of Yardi Matrix

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.