Atlanta & Cincinnati—Besyata Investment Group and The Scharf Group, alongside their partners Pensam Residential and BH Equities, have purchased two apartment communities in Louisville, Ky., and Lithonia, Ga. The multifamily assets traded for a combined purchase price of $74 million.
Located at 2325 Woodcrest Walk, Woodcrest Village, a 344-unit garden-style multifamily community is located on 34 acres of land in Lithonia. Property amenities include a fitness center, tennis court, swimming pool and 600 parking stalls. The unit mix consists of one- and two-bedroom floor plans. The multifamily asset completed in 1972 has undergone a complete exterior refurbishment.
Park at Hurstbourne is a 689-unit garden-style apartment community located on 34 acres of land at 5555 Big Ben Drive in Louisville. The property features a clubhouse, fitness center, tennis court, basketball court, swimming pool with spa and 1033 parking stalls. The community completed in 1972 offers one-, two- and three-bedroom units, ranging in size from 600 to 1,007 square feet.
The new owners intend to renovate both properties by upgrading the amenities and gradually refurbish the units. This strategy is in keeping with the companies’ plan to invest in value-add B Class multifamily assets located near growing cities in order to generate attractive risk-adjusted returns. Besyata’s long-standing partner and property manager, BH Management, will oversee property management and leasing for both communities.
Images courtesy of Yardi Matrix