Blaze Partners Buys $48M Atlanta Senior Community
Berkadia represented the seller of the built-for-rent community.
Blaze Partners has acquired a 149-unit built-for-fent and age-restricted community, Hardy Springs, in the Atlanta area. Berkadia brokered the $47.7 million transaction representing the seller, Highlands Residential.
In 2020, the recently built property was subject to a $20 million construction loan originated by Great Southern Bank, according to Yardi Matrix data.
Completed in 2021, Hardy Springs encompasses 52 single-story buildings with one- and two-bedroom floorplans ranging between 1,063 and 1,315 square feet. Community amenities include a fitness center, a clubhouse, barbeque areas, parking and enclosed garages. Units offer washers and dryers, walk-in closets, hardwood floors and private patios or balconies.
Located at 705 Charles Hardy Parkway in Dallas, Ga., the 55+ community is near the conjunction of routes 278 and 360, with downtown Atlanta within 30 miles. There are several dining, retail and entertainment venues in the proximity, mostly along Route 278. In addition, Wellstar Paulding Hospital is located roughly 1 mile away.
Directors Brooks Minford and Simona Wilson of Berkadia Seniors Housing & Healthcare and Managing Director Russ Hardy of Berkadia Atlanta completed the sale, while Senior Managing Director John Bray secured permanent Fannie Mae acquisition financing on behalf of the buyer.
Berkadia also recently closed on a Fannie Mae CMBS loan for a 215-unit age-restricted, fully affordable property in Orlando, Fla.