Suburban Atlanta Senior Community Changes Hands

Village Park at Alpharetta under construction in June 2017

Harbert Management Corp. has purchased Village Park at Alpharetta, a 127-unit luxury senior housing community located on the northern outskirts of Atlanta. Village Park Senior Living sold the newly constructed asset free and clear of existing financing in a deal brokered by HFF.

The property is located at 12300 Morris Road in Alpharetta, Ga., roughly 20 miles of downtown Atlanta. WellStar North Fulton Hospital and Emory Eastside Medical Center are within a five-mile radius of the site, which is adjacent to Route 19 and near Route 120. Avalon, a mixed-use 86-acre development, is within a five-minute drive of the community.

Completed last year, 177,098-square-foot Village Park at Alpharetta comprises 66 independent living, 43 assisted living and 18 memory care units. Five housing options are available for residents: cottages, bungalows, flat-style apartments and dedicated memory care units.

Apartments include high-end finishes, a mix of hardwood and carpeted flooring, stainless steel appliances, fireplaces and granite countertops. Community amenities feature:

• landscaped gardens and walking paths
• fitness center
• juice bar
• full-service restaurant
• chapel

HFF’s investment advisory team representing the seller included Senior Managing Directors Ryan Maconachy, Chad Lavender and Jason Nettles. HFF also procured floating-rate acquisition financing for the buyer. Director Sarah Anderson led the debt placement team. Earlier this year, the company represented the seller in the $3.9 million transaction of an 8.5-acre parcel in Raleigh, N.C., intended for the construction of a 189-unit senior housing community.

Image via Google Street View