Fogelman JV Acquires Atlanta Apartments for $45M
The 334-unit garden-style community last changed hands in August 2016, when Mesa Capital Partners sold the asset for more than $29 million.
Crestmark Apartments
A joint venture between Fogelman Partners and Thackeray Partners has acquired Crestmark Apartments, a 334-unit Class B community in suburban Atlanta for $44.9 million, according to public records. The seller, PointOne Holdings, had purchased the asset from Mesa Capital Partners in August 2016 for $29.1 million.
Located at 945 Crestmark Blvd. in Lithia Springs, Ga., the garden-style community’s 16 buildings are situated on 23.2 acres roughly 15 miles west of downtown Atlanta. A bus route in the immediate area offers direct service to the city center, and the property is a short distance from Interstate 20 and the Thornton Road retail corridor.
The community contains a mix of one-, two- and three-bedroom units, with floorplans from 704 to 1,440 square feet. Crestmark’s amenities include two swimming pools, a laundry facility, a playground, a business center, a fitness center and a clubhouse. The property was 98 percent occupied at the time of the sale. The new owner plans to invest in renovations to common area and unit interiors.
Fogelman and Thackeray have joined together to acquire four multifamily assets in the past six months. The two firms also recently picked up a 284-unit market-rate community in Alpharetta, a northwest Atlanta suburb, for $41.3 million, according to Yardi Matrix.
Image courtesy of Fogelman Properties
