Strand Co. Sells Atlanta Apartments for $31M

PGIM Real Estate Finance originated a Fannie Mae acquisition mortgage of almost $22 million for the buyer of the partially affordable 294-unit community.
Shadow Ridge Apartments

Strand Co. has sold Shadow Ridge Apartments, a 294-unit partially affordable community south of Atlanta, to Chandler Residential for $30.6 million, according to Yardi Matrix data. The buyer landed a 12-year, $21.6 million Fannie Mae acquisition loan from PGIM Real Estate Finance to fund the purchase.

The asset last changed hands in December 2015, when Strand paid PEM Real Estate Group $16.8 million for the property.

Located at 950 Lake Ridge Parkway in Riverdale, Ga., the community’s 11 three-story buildings are roughly 7 miles south of Hartsfield-Jackson Atlanta International Airport, with a bus route in the immediate area linking the two. The property is near several retail centers at the intersection of state routes 85 and 138, a mile north.

Opened in 2000, Shadow Ridge is home to 865-square-foot one-bedroom and 1,067-square-foot two-bedroom apartments, 224 of which are affordable units under Section 42. Community amenities include a fitness center, swimming pool, tennis court, playground and business center.

Roughly 7 miles west in Union City, Alden Torch Financial sold an affordable community to Blue Magma Residential for $21 million in December. Pembrook Capital Management provided acquisition financing to the buyer.

Image courtesy of Yardi Matrix