Affiliates of two New York City-based investment firms, The Praedium Group and Audubon Communities LLC, joined forces to acquire eight Atlanta-area multifamily complexes from an entity of Atlanta-based Felker Properties Inc. for $49.2 million, or approximately $47,400 per unit.
The portfolio totals 1,038 units in the counties of Dekalb, Gwinnett, Fulton, Henry, Rockdale and Hall.
Here’s a look at the portfolio:
- Ambers: 100 units at 1111 Ambers Drive in Norcross, GA, built in 1981.
- Fairburn Town & Country: 132 units at 50 Clay St. in Fairburn, GA, delivered in 1965.
- Maple Walk: 100 units at 1150 Maple Walk Circle in Decatur, GA, constructed in 1985.
- Nova Hill: 88 units at 115 Rock Quarry Road in Stockbridge, GA.
- Oakcrest: 126 units at 1200 Lanier Mill Circle in Oakwood, GA, constructed in 1999.
- Pinewood: 300 units at 37 Tree View Drive in Lithonia, GA.
- Springfield Bridge: 98 units, 370 Hurricane Shoals Road in Lawrenceville, GA, delivered in 1987.
- Stoneybrook: 94 units, 1200 Rockmont Circle in Conyers, GA, built in 1981.
Don Nichols of RFC Realty Advisors was the sole broker.
Praedium, founded by Russell Appel and Floyd Lattin, invests in underperforming and undervalued real estate assets. Audubon Communities, led by Andrew Schwarz, invests in and operates apartment complexes in the Northeast and Gulf South. Felker Properties, formed 34 years ago by Richard R. Felker, is a partnership investment sponsor that buys multifamily communities in Atlanta.
Please see CoStar COMPS #1566001 for more information.