Harbor Group Sells Atlanta Community for $48M
- Jan 10, 2020
Harbor Group International has sold Avia Riverside Apartments, a 396-unit garden-style community in Roswell, Ga. Public records show Liquid Capital purchased the Class B asset for $48 million. Arbor Realty Trust provided the buyer with a $43.7 million Fannie Mae loan through the Green Rewards Streamlined Rate Lock program. The 12-year fixed-rate financing carries a four-year interest-only term and a 30-year amortization schedule.
Located at 100 Chattahoochee Circle, some 21 miles north of downtown Atlanta, the community is adjacent to Highway 9, across from the Allenbrook unit of Chattahoochee River National Park. North River Village Shopping Center and Dunwoody Place are both less than 1 mile south of the multifamily property.
Built in 1972 on more than 28 acres, Avia Riverside underwent extensive renovation between 2013 and 2015. The 37 two- and three-story buildings encompass one- to three-bedroom floorplans averaging 1,309 square feet. Amenities include two swimming pools, a playground and dog park. The property was 97.2 percent occupied as of November, per Yardi Matrix data.
Vice President Stephen York of Arbor’s New York City office originated the acquisition loan. Last spring, York was also instrumental in the $47 million refinancing of a 977-unit gated community in Stone Mountain, Ga.