GlobeSt.com EXCLUSIVE: Drever Returns to Area With $500M War Chest

ATLANTA-Maxwell Drever is back in town with a $500 million war chest and a new multifamily acquisition in Grayson Park, the 18-month-old, 180-unit, 96%-leased community near Emory University Medical Center in suburban Decatur, GA, five miles from Downtown Atlanta. Drever left the Atlanta market in 1997 after selling his 18,000-unit rental portfolio, two years before the high-tech bubble burst.

Drever Opportunity Fund LP paid Highland Residential Co., a privately held Atlanta investment partnership, $17.4 million or $96,667 per unit for the 12-acre, class A, gated property. Tiburon, CA-based Concierge Asset Management, sponsors of the Drever Fund, has $500 million to invest in additional metro Atlanta apartment properties.

“We want to be the buyer of choice for underperforming class A apartment properties here, where we have the potential to add value,” says Joe Gillespie, Concierge’s director of acquisitions.