Greystar Acquires Atlanta Community for $60M

Balfour Beatty earned a 30 percent return on the 437-unit multifamily asset, which it purchased from Resource Real Estate in 2016.
Avana Woods

Balfour Beatty has sold Avana Woods, a 437-unit Class B community in suburban Atlanta, for $59.6 million to Greystar, according to Yardi Matrix. The sale comes approximately two years after the seller acquired the asset for $45.5 million from Resource Real Estate.

Last year, Balfour expanded its Atlanta holdings with the $78.8 million acquisition of nearly 900 units across three communities.

Located at 8520 S. Holcomb Bridge Way in Alpharetta, Ga., the garden-style community’s 33 buildings are positioned adjacent to a busy retail corridor. The property is within 25 miles of downtown Atlanta and within 5 miles of more than 15 million square feet of office space.

Built in 1987, Avana Woods includes a mix of one- to three-bedroom units, with floorplans ranging from 706 to 1,347 square feet. Amenities include two swimming pools, outdoor kitchens, dog parks, a fitness center and a business center. As of October, the asset was 97 percent occupied, per Yardi Matrix data.

Image courtesy of Yardi Matrix