Ambling Sells Southeast Portfolio for $106M

The properties total 1,763 units in Georgia, North Carolina and South Carolina.
Calhoun Gardens. Image courtesy of JLL Capital Markets

Ambling, an owner, operator and manager of affordable LIHTC, HUD, market-rate and senior apartment communities, has completed the $106 million sale of a 20-property Project-Based Section 8 portfolio sale. The properties were sold to three different buyers and totaled 1,763 units located across Georgia, North Carolina and South Carolina.

JLL Capital Markets marketed the portfolio on behalf of Ambling, which has corporate offices in Valdosta, Ga., and Greenville, S.C., as well as 11 regional offices. The JLL team was led by Doug Childers, senior managing director & co-head of JLL Affordable Housing, and Director Michael Fox along with Senior Managing Director Ryan Clutter.

Childers said in a prepared statement the sale of the portfolio represented an essential preservation of affordable housing. He noted the transaction was executed across a variety of acquisition strategies that required coordination between multiple capital sources, state agencies and HUD.

Ambling CEO Mike Godwin noted in prepared remarks the portfolio represented Ambling’s history of developing and preserving best-in-class affordable housing across the Sunbelt. He said the buyers—Preservation Partners Development, Infinity Real Estate Advisors LLC and Jonathan Rose Cos.—are all equally committed to preserving the portfolio’s long-term affordability.

PPD acquired 12 communities in Georgia: Athens Gardens and Clarke Gardens in Athens, Ga.; Glynn Isle Townhomes in Brunswick, Ga.; Calhoun Gardens in Calhoun, Ga.; Cartersville Gardens in Cartersville, Ga.; Bridge Creek and Merrimac Village in Fitzgerald, Ga.; Forsyth Gardens in Forsyth, Ga.; Catoosa Gardens in Fort Oglethorpe, Ga.; Riverside Gardens in Macon, Ga.; Statesboro Summit in Statesboro, Ga.; and Burkestone Place in Waynesboro, Ga. Clarke Gardens, Athens Gardens, Calhoun Gardens, Catoosa Gardens, Cartersville Gardens and Forsyth Gardens are all in the middle of substantial rehabilitation projects that will update interiors and community spaces.

IREA acquired two North Carolina properties: Fayetteville Gardens in Fayetteville, N.C., and Salem Gardens in Salem N.C., and five South Carolina communities: Anderson Village in Anderson, S.C.; Phoenix Place in Greenwood, S.C.; Manning Gardens in Manning, S.C.; Mauldin Gardens in Mauldin, S.C.; and Seneca Gardens in Seneca, S.C.

Jonathan Rose purchased Savannah Summit in Savannah, Ga.

Previous Deal

In February, Walker & Dunlop structured $44.8 million in financing for IREA and Infinity Capital Partners to acquire eight multifamily properties with 741 units in the Southeast from Ambling. Five of the properties were located in South Carolina, two in North Carolina and one in Alabama. In addition to covering the acquisition costs, the loan proceeds were used to complete about $8.5 million in renovations at the properties, including unit and common area upgrades and building and site improvements.