Atlanta Multifamily Portfolio Trades for $105M
In separate deals, McDowell Properties and Vukota Capital Management each purchased portions of the three-property portfolio in Newnan, Ga., from RADCO Residential.
A three-property multifamily portfolio in the Atlanta suburb of Newnan, Ga., has sold for $104.9 million. RADCO Residential sold the properties, which encompass a total of 789 units, to two separate buyers—McDowell Properties and Vukota Capital.
Vukota Capital purchased the 114-unit Woodlands at White Oak and the 114-unit Ashford at Brown Ridge, while McDowell Properties picked up the 561-unit Creekside at White Oak. A CBRE team of Shea Campbell, Colleen Hendrix, Ashish Cholia and Kevin Geiger represented RADCO in the deal.
At the time of the sale, the three properties had an average occupancy of more than 94 percent, according to CBRE.
“Atlanta’s multifamily market continues to outperform other Southeast markets with 4.7 percent year-over-year rent growth and a population growth of more than 1.3 percent every year for the past eight years,” CBRE Senior Vice President Shea Campbell told Multi-Housing News. “These strong fundamentals catapulted Atlanta into the top five most active multifamily markets by sales volume in 2018.”
RADCO completed significant capital improvements to all three properties prior to the portfolio sale. Earlier this year, RADCO Residential sold a 164-unit community in the Brookhaven neighborhood of Atlanta to FCP for $23 million.