JV Acquires Metro Atlanta Community for $21M
- Jun 28, 2019
A joint venture between Dunross Capital, Sureste Partners LP and Stonemark Housing Partners has acquired Hairston Woods Apartments, a 240-unit community in Stone Mountain, Ga. According to Yardi Matrix data, Olive Tree Holdings sold the asset for $20.8 million or $86,583 per unit. The transaction was subject to a $20 million two-year acquisition loan originated by Arbor Realty Trust. The property last traded in 2017 for $13.3 million.
Located at 1173 N. Hairston Road near Interstate 285 and Stone Mountain Park, the property is close to shopping malls including a Walmart Supercenter, restaurants and parks. Buckhead business district is 15 miles west and downtown Atlanta is approximately 20 miles southwest via Interstate 20.
Developed in 1984 on a 20-acre-site, the community consists of 28 two-story buildings offering two-bedroom floorplans averaging 1,150 square feet, per Yardi Matrix. Common-area amenities include a swimming pool, picnic area, laundry facility and 325 parking spaces. The property was 89.6 percent occupied as of May.
The new owners will implement value-add improvements at the property in order to reposition it as a premier community in the area. The planned upgrades include a new fitness center, café, pool area and family parks.
Hairston Woods is Dunross Capital’s sixth acquisition in Georgia in the last 14 months. According to CEO Michael Crow, the company will continue its expansion in the greater Atlanta market, as well as in Savannah and Augusta.
Earlier this month, a pair of neighboring communities totaling 539 units traded less than a mile north of Hairston Woods. Praxis Capital acquired the portfolio for $40.4 million.