In partnership with a family office, CGI+ Real Estate Strategies has acquired a two-property apartment portfolio in suburban Atlanta.
Encompassing 712 units, the portfolio was acquired from an affiliate of FPA Multifamily for $144.8 million in an off-market deal. It is believed to be the largest Atlanta multifamily transaction of 2021.
The properties featured in the transaction are The Mille Brookhaven and TwentyNine 24 Brookhaven. The adjacent properties are located in the northeastern Atlanta suburb of Brookhaven, situated in western DeKalb County.
The Mille Brookhaven is a 359-unit apartment community built in 2014, while TwentyNine 24 Brookhaven is a 353-unit multifamily property constructed in 2009. Both properties offer a blend of one-, two- and three-bedroom floorplans. Apartments include vaulted ceilings, upgraded flooring, built-in workspaces, in-unit washer-dryers and wrap-around balconies and terraces.
“We have transacted with FPA in the past and had the benefit of a great broker working as the intermediary: Russ Hardy with Berkadia.” Mark Cohen, managing partner, CGI+ Southeast Region, told Multi-Housing News. “The biggest challenge was really locating what we considered to be an attractive opportunity in this very frenzied market. The opportunity was brought to us based on our strong relationship with the broker.”
In a statement, a CGI+ official noted more than 37,000 new health services and educational jobs have been created within the past year near the properties. The growing job opportunities are attracting new in-migration to the submarket. That in turn has led to increasing need for quality multifamily housing.
Last week, AHS Residential landed a $47 million loan for a multifamily development in Douglasville, Ga.