Investors from New York and South Carolina have bought into Atlanta's luxury suburban apartment market.
New York-based Hudson Capital Properties purchased Northridge Vista, a 200-unit apartment community in Sandy Springs, for $49M, or $245K/door. On its heels, South Carolina-based Blaze Partners purchased both Stadium Walk — 309-unit apartment complex in walking distance of The Battery at SunTrust Park — and Overlook at Huntcrest in Duluth for a total of $133M from Atlanta-based Brand Properties.
While no seller was disclosed for Northridge Vista, its last owner was listed as Bell Properties.
Hudson Capital, which already owns a number of Atlanta properties, including Waterstone in Buford and Galleria Courtyards in Smyrna, is a value-add buyer in the Southeast, and Northridge is an ideal target for its investment fund, it said in announcing the acquisition.
“The Sandy Springs area has experienced strong and steady population growth over the past decade, making the acquisition of Northridge a terrific, long-term hold investment opportunity,” Hudson Capital Chief Investment Officer Robert Cohen said in a statement. “The community, which was built last year utilizing a rare wood frame construction process, is poised to benefit from the anticipated continued strong business presence in the market.”
Continued submarket growth also was cited for Blaze Partners' interests in two apartment communities in two very different areas of Atlanta. Overlook is a 299-unit garden-style property in Gwinnett County. Blaze paid $218,750 per unit for both properties.
“Brand Properties delivered two excellent long-term investments in submarkets poised for continued growth,” Walker & Dunlop Chief Operating Officer Kris Mikkelsen said in a statement. "Blaze and their equity partner recognized the challenges related to additional multifamily development in both municipalities and the long-term growth prospects that come with those barriers to entry."
Mikkelsen was part of the team that brokered the sales for Brand.
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