Comunidad Realty Buys $55M Atlanta Assets
The two Norcross communities total 687 units and are located near the I-85 corridor. Both assets were subject to permanent Fannie Mae loans.
By Tudor Scolca
Comunidad Realty Partners made its first acquisition in the Atlanta area. Two apartment communities in Norcross, Ga., were sold by Schorr Investments for $55.4 million.
The communities that traded in the value-add deal are the 386-unit Sienna Heights and the 301-unit Hickory Grove. According to Yardi Matrix, the two properties were subject to permanent loans, held by Fannie Mae and due 2027, of $26.3 million and $19.3 million, respectively.
The transaction was brokered by Cushman & Wakefield’s Southeast Multifamily Advisory Group, with Senior Associate Robbie O’Bryan and Executive Managing Director Tyler Averitt representing the seller. In another recent deal, Comunidad Realty Partners formed a joint venture to acquire a Phoenix apartment community.
“Sienna Heights and Hickory Grove are two great, value-add assets in the ever-growing I-85 corridor. (Comunidad’s) ability to gain immediate scale and efficiencies in one submarket was important. In addition, they can continue capitalizing on the renovation program that has already been proven by the seller,” said Robbie O’Bryan, in a prepared statement.
Built in 1973, Sienna Heights comprises 50 one-bedroom, 300 two-bedroom and 36 three-bedroom units, ranging from 850 to 1,250 square feet. Common amenities include a fitness center, playground and swimming pool. It is located at 1355 Graves Road, near restaurants and shopping centers on Norcross Tucker Road N.W. Downtown Atlanta is only 30 minutes away from the property via Interstate 85.
Hickory Grove, completed in 1979, is situated three minutes away from the first property, at 6069 S. Norcross Tucker Road. It comprises 34 one-bedroom, 248 two-bedroom and 24 three-bedroom units, with sizes ranging from 765 to 1,538 square feet. In addition to the opportunities offered by the I-85 corridor, several parks and schools are also near the two properties.
Images courtesy of Yardi Matrix