ATLANTA, GA – Investors Management Group announced it has closed on a 264-unit apartment community in Duluth, Georgia, marking its eighth multifamily acquisition in the Atlanta Metro since 2013.

The property, currently known as Amber Mill Apartments, was bought for $35.1M. Completed in 1985 and located on 2906 Ancient Norcross Road, the garden-style complex features one-, two- and three-bedroom apartment homes across 31 residential buildings.

The property will receive $2.7M in capital improvements and be rebranded as Amberlake Village. Freddie Mac Green Program financing was secured through Charlie Mentzer of Capital One Multifamily Finance’s Atlanta office.

Mike Kemether and Travis Presnell of Cushman & Wakefield’s Multifamily Advisory Group Atlanta Office represented the seller, a local private investor. IMG’s team negotiated with more than 20 ownership entities and several third-party managers operating at the site to buy the multifamily asset.

Investors Management Group experienced its fastest-ever equity raise with over $13M committed within ten days of the offering release date. This comes as a reflection of the growing demand for value-add multifamily real estate investments and investor confidence in Atlanta Metro fundamentals.

CEO Neil Schimmel notes, “Healthy economic growth and attractive asset pricing have made Atlanta our most active multifamily investment market, with more than $440M in transactions completed since 2013.”

Powered by WPeMatico

ATLANTA, GA – GPC Partners, a diversified Miami-based real estate partnership, completed the successful $66.25 million acquisition of the 222-unit Ayla on Krog apartment community in Atlanta’s Inman Park neighborhood.

Built in 2015 with a mix of one and two-bedroom apartments, Ayla on Krog is located on three acres along Atlanta’s BeltLine at 44 Krog St. NE. The community is waking distance from the Eastside BeltLine Trail and the well loved Krog Street Market, a West Coast-style food hall with more than 20 shops and restaurants.

The Ayla on Krog acquisition closed on June 17. GPC obtained a $42 million loan from an insurance company as part of the transaction. JLL arranged the financing on behalf of GPC.

“We are thrilled to own a generational asset like Ayla on Krog,” said GPC Principal Leo Ghitis.

“Given the scarcity of Class A multifamily communities located directly on the East Side Beltline Trail, we feel that the property should provide brilliant long-term appreciation,” added GPC Principal Jonathan Ghitis.

Miami-based development company GPC Partners has an enviable 20-year track record of outstanding returns in commercial real estate. Active across every major real estate asset class, GPC is committed to the highest standards of both performance as well as integrity.

Powered by WPeMatico

PHOENIX, AZ – WhiteHaven Capital announced the acquisition of 164-unit Ridgepoint Apartments. This is the third acquisition in the Phoenix metro in the past year for the company, with plans to build a portfolio of approximately 1,000 units in the market by 2020.

Phoenix is the fifth largest city in the country, and the MSA is the second fastest growing large city. It’s located in Maricopa County, the fastest growing county for the last three years. “Phoenix has the highest rent growth in the country, the second highest job growth, and the second highest income growth. This city has all of the fundamentals necessary for investing in multifamily,” said Sam Grooms, Managing Partner of WhiteHaven Capital.

Ridgepoint Apartments are located in Glendale, a rapidly growing Phoenix suburb. Glendale is the site of two major sports venues, State Farm Stadium and Gila River Arena. State Farm Stadium is home to the Arizona Cardinals of the NFL. Since opening in 2006, the stadium has hosted multiple Super Bowls, College Football Championships, and an NCAA Basketball Final Four. Gila River Arena is home to the Arizona Coyotes of the NHL.

“We like what’s happening in this area, and we’re excited to be a part of it,” said Sam Grooms. The new owner, in collaboration with the area’s premier property management provider, Shelton Residential, plot to completely renovate and rebrand the property, offering residents additional amenities not currently available in the submarket.

Powered by WPeMatico