HHHunt Enters Atlanta Market With $258M Buy
JLL Capital Markets represented the buyer and secured financing for the two acquisitions.
HHHunt has entered the Atlanta multifamily market with the purchase of two communities totaling 655 units in Decatur, Ga. Northwood Ravin sold the assets for a combined $257.5 million. The 405-unit Abberly Skye—formerly known as Scott Crossing—traded for $162.5 million, while the 250-unit Abberly Onyx—formerly known as Point on Scott—changed hands for $95 million.
JLL Capital Markets represented the buyer and arranged the floating-rate, bridge financing. The JLL team secured $104.9 million in financing for Abberly Skye and a $61.4 million loan for Abberly Onyx.
The transactions are part of a 1031 exchange that will ultimately fund the purchase of five Class A multifamily assets in Nashville, Tenn., Atlanta and Charlotte, N.C. One of these acquisitions, involving a newly constructed 231-unit luxury community in Nashville, Tenn., closed earlier this month.
HHHunt is an active investor and developer in the Sun Belt, the company’s portfolio comprising more than 8,800 owned or managed multifamily units across Virginia, Maryland, North Carolina, South Carolina, Tennessee and Georgia. Last year, the firm broke ground on two North Carolina communities totaling 658 units. Both properties are expected to see their first resident move-ins by winter 2023.
The Decatur assets
Located at 2550 Blackmon Drive, the one-building, five- and six-story Abberly Skye was completed in 2021 on a 5-acre site, while the neighboring Abberly Onyx came online in 2017 on 3 acres at 2532 N. Decatur Road.
Both communities encompass a mix of studios, one-, two- and three-bedroom floorplans, ranging from 585 to 1,900 square feet. Apartments feature quartz countertops, stainless steel appliances and custom kitchen islands with pendant lights, as well as built-in wine storage, spacious walk-in closets and private patios and balconies.
Fitness centers, pools, spas, business centers, clubhouses and lounge areas are among the common-area amenities at both properties.
Abberly Skye and Abberly Onyx are some 7 miles from Midtown and 8 miles from downtown Atlanta, near Highway 78. Several dining, retail and entertainment options are within walking distance.
JLL’s Matthew Lawton, John Weber and Bill Shippen, together with Vic Ciancetta and Amalia Londono, led the team that negotiated on behalf of the buyer, while Travis Anderson’s Debt Advisory team arranged the financing.