TWG Development Purchases Atlanta Apartments for $29M
Merchants Bank of Indiana provided the buyer with nearly $30 million in acquisition and development financing. The short-term bridge loan matures in June.
Silver Oak Apartments
Netz Holdings USA has sold the Silver Oak Apartments, a 406-unit Class B community near Atlanta, to TWG Development for $29.3 million, according to Yardi Matrix. Merchants Bank of Indiana provided a $29.3 million short-term acquisition and development loan to TWG, which matures in June.
TWG has been active in a number of markets through the past year. In August, the firm sold a Class A community outside Indianapolis to the J.C. Hart Co.
Located at 1281 Brockett Road in Clarkston, Ga., the community’s 41 buildings are situated a stone’s throw from the Stone Mountain Freeway, 12 miles from downtown Atlanta. A nearby bus route links the property with the Avondale Transit MARTA station, connecting the area with the rest of the metro. Several retailers are in the immediate vicinity of the asset, including a Family Dollar and several convenience stores.
Silver Oak contains a mix of one-, two- and three-bedroom apartments and townhouse units, with floorplans ranging from 700 to 1,210 square feet. Community amenities include a swimming pool, a tennis court, a fitness center, two playgrounds and a private lake. As of November 2018, the asset was 90.6 percent occupied, per data from Yardi Matrix.
Image courtesy of Yardi Matrix
