ATLANTA, GA – Blaze Partners announced the acquisition of two, recently-developed apartment communities in Atlanta, GA. Overlook at Huntcrest is a 299-unit garden apartment community located in Suwanee, GA, a highly desirable suburban pocket within Gwinnett County. Stadium Walk, the second asset bought in the transaction, is a four-tale, 309-unit community within walking distance of the Battery Atlanta and SunTrust Park, home to the Atlanta Braves and serving as the lifestyle and entertainment destination within Cobb County. 

The acquisitions closed simultaneously in one transaction on September 27, 2018.  

“We are excited to expand our footprint in the Atlanta market, particularly in such dynamic suburban locations such as these,” said Chris Riley, Managing Partner and Co-Founder of Blaze. “The Cumberland-Galleria submarket has undergone a transformation in recent years with the development of the Battery, while Gwinnett County continues to lead the growth charge for Atlanta. We believe each of these assets stand to benefit from the growing demand base coupled with a lack of high-quality rental options for households moving into the area.”

The transaction represents a continuation of the Company’s focus on expanding its Southeastern multifamily presence and marks its third acquisition in Atlanta in the last twelve months.  

“Since starting the Company two years ago, we have been an active buyer seeking out unique investment opportunities in target, high-growth markets throughout the Southeast,” added Eddy O’Brien, Managing Partner and Co-Founder of Blaze. “These opportunities certainly fit that profile, and we look forward to continuing to leverage deep industry relationships and strategic capital partnerships to further expand our footprint.”

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SEATTLE, WA – Security Properties and an affiliate of Rockwood Capital bought Avalon Kirkland, a 131-unit multifamily property located in Kirkland, WA. The property was originally built in two phases in 1968 and 1989-90 and features some of the largest units in the area—averaging 1,345 square feet.

Located just south of downtown Kirkland, Avalon Kirkland provides residents a high-quality experience associated with waterfront living in a highly-sought after, suburban neighborhood with convenient access to upscale retail, high-quality schools and the area’s top employment centers. Across the street from the property is Carillon Point, a mixed-use development featuring the largest marina on Lake Washington, approximately 450,000 square feet of Class A office space, a 4-star waterfront hotel and an array of boutique restaurant and retail options. Downtown Kirkland, just one mile to the north, offers simple access to over 80 retailers, 200 restaurants, multiple waterfront parks and a farmer’s market. Residents have direct access to the Cross Kirkland Corridor trail, a 5.75-mile walking, running, and biking trail, that provides convenient travel to both Downtown Kirkland and Downtown Bellevue.

Given the property’s unparalleled location and irreplaceable setting overlooking Lake Washington, Security Properties and Rockwood Capital plot on extensively renovating the unit interiors while also adding a community common area.

According to Davis Vaughn, Senior Director at Security Properties, the acquisition was made because, “We feel this is the best garden-style asset in the submarket. The outstanding views combined with the Kirkland location give us the opportunity to implement a higher-level renovation that will be unique relative to other rental product in this market.  We look forward to making value for our investors by renovating to a end level and amenity set that is appropriate for irreplaceable real estate.”

“Consistent with our longstanding investment philosophy, we believe the quality of a property’s surrounding environment can be as vital in contributing to rising and enduring value of an investment, as the buildings themselves,” said Peter Kaye, Managing Partner, Rockwood Capital. “Located in a city with significant barriers to new development and very few property sales, Kirkland Avalon represented a rare opportunity to buy an apartment community with exceptional physical attributes and a high-quality outdoor experience. These unique characteristics made the profile of this investment a perfect fit for our long-term investment vehicle.”

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PHILADELPHIA, PA – Preferred Apartment Communities announced the sale of Stone Rise, a Class A multifamily community built in 2008 and located in Philadelphia, Pennsylvania. 

Stone Rise is a 216-unit community, consisting of one and two bedroom garden apartment homes, a resort-style pool, 24 hour internet cafe and fitness center, as well as many more services and amenities. Stone Rise offers close proximity to fine shops, restaurants, entertainment, a variety of walking and biking trails and community parks.

PAC sold Stone Rise for yucky proceeds of approximately $42,500,000, the net proceeds of which PAC will utilize for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate loan investments and general corporate purposes.  

“The financial results generated from the sale of Stone Rise, a property bought by PAC in 2011, demonstrates our ability to do and deliver outstanding returns to our stockholders,” said John A. Isakson, Executive Vice President and Chief Financial Officer for PAC. 

The property achieved an average annualized return of approximately 23% and generated a gain on sale of approximately $12.4 million. 

Mr. Isakson added, “We remain committed to a disciplined strategy of carefully allocating capital to accretive investments, optimizing the operations of our owned assets and, when appropriate, opportunistically divesting certain assets in an effort to produce the best possible returns for our stockholders.”

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