Oak Residential Partners has acquired The Celebration at Sandy Springs, a multifamily community in Atlanta, for $33.1 million. This purchase marks the firm’s sixth investment in the Atlanta MSA over the past three years. The seller was Investors Realty Group, according to Yardi Matrix.
NorthMarq Capital arranged $23.5 million acquisition financing on behalf of the buyer through Freddie Mac’s ARM Green Advantage program. Senior Vice Presidents Brett Hood and Jeff Frankel arranged the permanent floating rate loan, which was structured with a 10-year term featuring five years of interest-only payments followed by a 30-year amortization schedule.
A celebratory investment
Located at 7000 Roswell Road, the community offers 250 one-, two- and three-bedroom floorplans ranging from 780 to 1,350 square feet. As of August 2018, the occupancy rate was 91.2 percent across the 16 buildings. Interior features include air conditioning, balcony/patios, oversized closets, washer/dryer connections, custom-built dining room cabinetry, energy-efficient French doors and windows and granite-styled countertops. Common area amenities include:
- business center
- fitness center
- 24-hour package concierge
- laundry facilities
- swimming pool
- dog park
- outside storage
- 500 parking spaces
“Freddie Mac once again proved they are truly a relationship-based lender. The purchase contract originally called for an extended closing timeframe spanning over four months in duration,” Hood told Multi-Housing News. “Property revenues, meanwhile, continued to climb as the seller finished previously planned unit interior renovations and re-leased at higher rents. This allowed Freddie to grant additional loan proceeds beyond the original quoted amount.”
The community offers convenient access to Perimeter Center and Buckhead, as well as the MARTA bus line, Interstate 285 and GA 400.
Last year, ORP Element—a joint venture between Oak Residential Partners and an affiliate of Atlantic Creek Real Estate Partners—acquired the 494-unit Arium 41 community in metro Atlanta, which was rebranded into Element 41 by its new owners.
Image courtesy of NorthMarq Capital