Frankforter Group Pays $40M for Metro Atlanta Portfolio
- May 22, 2019
The Frankforter Group has acquired a 623-unit multifamily portfolio in metro Atlanta for $39.5 million. The portfolio consists of The Preserve at Collier Ridge, a 419-unit community in Atlanta, and Orchard Walk, a 204-unit community in Decatur, Ga. Both properties are close to Hartsfield-Jackson Atlanta International Airport via Interstate 285 and fully affordable, according to Yardi Matrix.
This buyer entered the Atlanta market in April 2018 with the $10.2 million acquisition of The Station at Richmond Hill, a 181-unit community located in the Lakewood submarket, per Yardi Matrix data.
The Preserve at Collier Ridge is located at 1021 Harwell Road N.W. in the Harwell Heights submarket. Built in 1971 on a 35-acre site, the community consists of 26 two-story buildings. The unit mix features one-, two- and three-bedroom apartments, floorplans ranging from 829 to 1,324 square feet. Common-area amenities include a tennis court, swimming pool and 800 parking spaces.
Located at 3800 Flat Shoals Parkway, Orchard Walk is right off Interstate 285 and close to Interstate 20, near the South Dekalb Mall. The multifamily property encompasses 23 two-story buildings completed in 1970, offering two- and three-bedroom units with an average size of 1,311 square feet. Community amenities feature a clubhouse, business center and swimming pool.
Both properties have strong occupancy and the Frankforter Group intends to improve them through interior and exterior renovations. The company also plans to strengthen its presence in the Atlanta market and the rest of the South East region.
Last October, the Frankforter Group acquired Sweetwater Cove, a 288-unit multifamily community in Tampa, Fla.