Tusk Equity Acquires Two Assets for $32M
Marcus & Millichap brokered the transaction.
Park Estates
Tusk Equity Partners has acquired two multifamily communities totaling 218 units in Decatur, Ga. Marcus & Millichap brokered the $32.2 million transaction for Austin Estates and Park Estates, procuring the buyer and representing the seller, Austin Sureste Partners. Austin Estates was acquired by Sureste Property Group from ARIAM Partners in 2018 for $5.4 million, Yardi Matrix data shows. Park Estates was acquired by the same company from MDA Investments in 2019 for $7 million, according to the same source.
Completed in 2018, Austin Estates consists of eight buildings with one-, two- and three-bedroom units ranging between 740 and 1,430 square feet. In-unit amenities consist of washer and dryer hookups, private patios or balconies and fireplaces in select units.
Park Estates was completed in 1985 and is comprised of 12 buildings with a two-bedroom floorplan of 1,096 square feet. Units offer washer and dryer hookups and fireplaces. Community amenities include a swimming pool and monitored security.
Located at 3859 Austin Circle and 1150 Maple Walk Circle, the properties are within 4 miles of each other, close to The Perimeter, Covington Hwy and Memorial Dr. There are many dining options, retail spaces and entertainment options in the proximity, as well as green areas like Midway Park and Dawn Memorial Park. Emory Decatur Hospital, Emory University Hospital and Atlanta VA Medical Center are only a 15-minute drive away.
Sureste Property Group recently acquired from Greyson Capital Group two multifamily communities totaling 134 units, in Jacksonville, Fla., in a transaction of $22.3 million.
