Multi Housing Advisors Brokers Sales of Atlanta Communities
- Mar 20, 2014
Atlanta—Multi Housing Advisors has brokered a trio of individual community sales in the Atlanta metro area for $39.85 million that covers more than 700 units.
MHA’s Josh Goldfarb and Tyler Averitt represented the sellers in all of the transactions and were the only brokers involved in the deals.
The largest transaction of the bunch was RADCO’s $16 million acquisition of Defoors Ferry West in Atlanta’s Midtown neighborhood. The 50-year-old, 297-unit community was sold by Urban Partners LLC. The community is located on 28 acres and consists of a mix of two- and three-bedroom units, and features a timeless all-brick façade. At the time of the sale, the property was 99 percent occupied not including 10 units that were being renovated.
The Oaks of Briarcliff, a Buckhead district community, traded hands for $14.8 million. Norfolk, Va.-based FortCap Partners’ affiliate, FC Oaks LLC, purchased the 227-unit community from The Oaks of Briarcliff/W.C., L.P. The garden-style community, which is located near Emory University, was completed in 1964.
The third and smallest of the three transactions was Greentree Real Estate Services LLC’s acquisition of Huntington Ridge in Norcross, Ga. The company purchased the 210-unit garden-style asset for $9.05 million. LMREC CDO II REO VII Inc. was the seller and the community was built in 1973.
“Atlanta’s apartment market is firmly in the middle of its recovery, and with continued rent growth and occupancy gains on the horizon, the metro area is proving to be very attractive to investors,” says Goldfarb, co-founder and co-managing partner of MHA. “We foresee a very brisk sales pace in the city in 2014.”