Balfour Beatty Snags Suburban Atlanta Assets
The Evergreen portfolio consists of three gated communities that will undergo a series of capital improvements, including exterior and interior upgrades.
By Timea Papp
A joint venture between Balfour Beatty Communities and Torchlight Investors completed the acquisition of three apartment communities in Atlanta’s suburbs for an undisclosed price. The Evergreen portfolio consists of 882 units and totals 91 acres of land.
This addition expands Balfour Beatty Communities’ Georgia footprint to 10 properties and more than 6,500 units. The portfolio includes:
- Evergreen Commons consists of 328 units completed in 2001 and 2004. Located at 5250 Highway 138 in Union City, Ga., the gated community offers one-, two- and three-bedroom apartment homes and amenities that include a pool, fitness center, playground, tennis and other sport courts.
- Evergreen Park, located at 7305 Roosevelt Highway in Fairburn, Ga., includes 310 units built in 2005. Featuring one-, two- and three-bedroom apartment homes, the gated community offers amenities such as indoor and outdoor pools, tennis court, putting green and playground.
- Evergreen Terrace, a gated community totaling 244 units built in 2009, is located at 8064 S. Fulton Parkway in Fairburn, Ga. The property features one-, two-, three- and four-bedroom apartment homes with an amenity package that includes a bowling alley, indoor and outdoor pools, tennis court and playground.
Capital improvement plans
Balfour Beatty Communities plans to invest in a series of capital improvements to the properties, including exterior and interior renovations. Additionally, the new owner will provide property management services through its multifamily division. The Evergreen properties are within close proximity of the Hartsfield-Jackson Atlanta International Airport.
“With demand on the rise stemming from the area’s steady job growth, we are excited about the potential for these properties and look forward to bringing improvements in both quality and service to residents,” said Chris Williams, president of Balfour Beatty Communities, in prepared remarks. “We are excited about this acquisition as we believe it is positioned to benefit from positive growth trends in the Atlanta suburbs and from a well-designed capital improvement plan to be implemented by our experienced partner,” added Henry Gom, senior vice president of Torchlight Investors.
Images courtesy of Balfour Beatty Communities