Hager Pays $39M for Second Metro Apartment Asset

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DECATUR, GA-Making its second Atlanta-area multifamily purchase in the last 60 days, Los Angeles-based Hager Pacific Properties has acquired the 734-unit Tree Crest Apartments in this suburban city for $39 million. The 16-year-old asset traded for a below-replacement cost of $53,134 per unit. Hager did the deal in a joint venture with New York-based Collins Group LLC.

In June, Hager paid $18.5 million for the Atlanta Garden Ridge portfolio. “The Decatur suburb of Atlanta has grown approximately 86% in the last 10 years, making the Tree Crest Apartments an appealing investment,” Hager managing partner Adam Milstein says. “We believe this market will continue to demonstrate long-term growth.”