FriedLam Partners Acquires 6 Southeast Properties

743 at Howell Mill. Image courtesy of Cushman & Wakefield

FriedLam Partners has entered the Atlanta multifamily market in its latest acquisition of six properties in the southeastern U.S. The firm paid $85.2 million for a portfolio of 872 units spread throughout three properties in Atlanta and three properties in North Carolina.

The North Carolina portfolio, which was owned by JEM Holdings, includes 59Twenty @ Monroe, a 192-unit community in Charlotte; Two20 @ Branchview, a 196-unit in Charlotte; and Enclave @ Crabtree, a 176-unit in Raleigh. According to Yardi Matrix data, all three properties are more than 90 percent occupied. JEM Holdings was represented by Cushman & Wakefield’s Watson Bryant and Paul Marley.

In Atlanta, FriedLam has purchased the 130-unit 743 @ Howell Mill, the 112-unit Lenox Place; and the 66-unit Rio at Lenox. According to Yardi Matrix data, 743 @ Howell Mill is 96.2 percent occupied, while Lenox Place is 94.6 percent occupied. The portfolio was sold by Zavala Capital Group, who was represented by Cushman & Wakefield’s Travis Presnell and Wesley Kennedy. Presnell added that each of the assets had value-add opportunities and would create long-term stability by offering affordability within high-income submarkets.

Nathan Friedman, principal at FriedLam, told Multi-Housing News that the properties will undergo a capital improvement plan that includes upgrading the common areas, amenities, and unit interiors while completing deferred maintenance.

PLANS FOR THE FUTURE

While FriedLam’s latest acquisition marks its first entry in Atlanta, the firm has heavily invested into the Charlotte market over the years. Last year, FriedLam acquired a six-property portfolio totaling 895 units in Charlotte for $77.5 million.

The firm’s portfolio mostly includes properties in the southeastern U.S., like North Carolina, South Carolina, Georgia and Virginia. However, the New Jersey-based FriedLam also has several Newark, N.J., projects under its belt.