The property is located in Henry County, south of the city and the fastest growing county in metro area.
The acquisition is the sixth multifamily asset for the fund, which originated in December 1999. Its capital goal is $100 million and this purchase takes it over the top to $101.3 million, Shoptaw & Garrard's managing director Dennis Pemberton tells GlobeSt.com. The fund will add a contracted Greensboro, NC asset in the $12 million to $15 million range to the portfolio before closing it.
The life of the Capital Master Fund portfolio is about seven years with the average hold at five years, Pemberton says. The firm will announce its new fund, Shoptaw & Garrard Multi-Family Partners Fund, later this week.
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