ARA Newmark Brokers 882-Unit Atlanta Community Sale
- Aug 01, 2017
ARA Newmark closed the sale of The Evergreen Portfolio, a three-building community located in South Fulton, a suburb of Atlanta. The portfolio belonged to a joint venture between affiliates of New York-based Oz Real Estate and Atlanta-based CF Real Estate Services. The properties were purchased by Pennsylvania’s Balfour Beatty Communities, which is planning major renovations to further increase the value of the assets.
“Atlanta is enjoying a trend of unprecedented interest in value-add multi-housing, and this closing is another significant indicator of the metro’s strong economic fundamentals,” said ARA’s Managing Director Chad DeFoor, in prepared remarks.
Catering to Atlanta’s major employers
The Evergreen communities encompass a total of 882 one-, two- and three-bedroom units which were built in the early 2000s in the Union City/Fairburn submarket. The communities offer convenient access to the offices of major employers such as Procter & Gamble, Delta Airlines, Google, Norfolk Southern and UPS.
Evergreen Terrace is located at 8064 South Fulton Parkway and features 244 units with sizes varying between approximately 800 square feet to 1,600 square feet. According to Yardi Matrix data, its occupancy level reached 96 percent in June 2017. Property amenities include a fitness center, business center, clubhouse, two swimming pools, an indoor bowling alley and approximately 450 parking spaces at grade level.
Evergreen Park is located at 7305 Roosevelt Highway and includes 310 units. The three- and four-bedroom units feature fireplaces. Amenities include tennis facilities, a putting green, fitness center and pool.
Evergreen Commons is located at 5250 Highway 138 and features 328 units which are 92 percent occupied. The community has 650 parking spaces available.
The properties are close to Interstate 85 and less than 20 miles from the Hartsfield-Jackson Atlanta International Airport.
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