Blue Magma Expands Atlanta Footprint With $22M Purchase
- Oct 08, 2019
Blue Magma Residential has purchased Park at Hairston Apartments, a 360-unit fully affordable community in Stone Mountain, Ga., for $22.3 million, marking its 11th Atlanta-area apartment acquisition. According to Yardi Matrix data, the seller was The Walden Group, which had acquired the Class B asset in 2018 for $13 million. Berkadia Senior Managing Director Paul Vetter brokered the transaction, while Greystone provided financing.
Redeveloped under Section 42 (LIHTC) provisions, the community has rents restricted until 2046, Yardi Matrix data shows. According to Reuven Oded, managing partner of Blue Magma, this acquisition is the company’s fifth LIHTC deal in the last 20 months. In a January transaction, the company acquired another fully affordable property near Atlanta, with Pembrook Capital Management providing $20 million in acquisition financing.
Park at Hairston is situated on 15 acres at 1038 S. Hairston Road near Village Oak Lake, east of Interstate 285. Downtown Atlanta is 16.3 miles west via Interstate 20 and the property is less than 1 mile north of Crowe’s Crossing Shopping Mall.
The 25-building community, completed in 1988, offers one- to three-bedroom units ranging in size from 712 to 1,285 square feet. Common-area amenities include two swimming pools, a gazebo, fitness center, clubhouse and playground. A childcare program is also available. The community was 95 percent occupied at the time of sale. The new owner will rebrand it as The Park at Carrigan and plans to invest approximately $2.9 million in interior and exterior upgrades.