Tusk Equities Expands in Atlanta
- Feb 11, 2019
Grisham Properties has sold the River’s Edge Apartments—a 228-unit Class B community in suburban Atlanta—to Tusk Equity Holdings for $12 million, according to Yardi Matrix. The buyer secured $9.3 million in Fannie Mae acquisition financing from Arbor Commercial Funding.
The deal marks Tusk Equity’s third acquisition in the area over the past year, bringing the firm’s Atlanta portfolio to 686 units.
Located at 7001 Tara Blvd. in Jonesboro, Ga., the garden-style community’s 28 two-story buildings are situated along U.S. Highway 41, 14 miles south of downtown Atlanta. A variety of shopping and dining options are in the immediate area, and the 1 million-square-foot Southlake Mall is 2 miles away. The airport, situated approximately 5 miles northwest of River’s Edge, is linked to the property via a direct public bus route.
The 1970-built River’s Edge comprises one- and two-bedroom apartments, with 800 and 1,000-square-foot floorplans. Community amenities include laundry facilities, a playground, a swimming pool, a tennis court and more than 400 parking spaces.
At the start of the year, Blue Magma Residential paid $21 million for a 294-unit affordable community located 8 miles west of River’s Edge. Pembrook Capital Management provided $20 million in acquisition financing to the buyer.
Image courtesy of Yardi Matrix