Strand Co. Sells Atlanta Apartments for $31M

1 min read

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

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.