(Read more on the multifamily market.)
BUFORD, GA-A Norfolk, VA-based affiliate of Harbor Group International LLC has acquired the 464-unit Preston Hills at Mill Creek Apartments at 2810 Buford Dr. for $45.5 million. The seller was an affiliate of Sagebrush Cos.
"HGI has a proven track record in Atlanta," says HGI president Richard Litton Jr. "We are pleased with the performance of our existing Atlanta multifamily assets and believe Preston Hills is a great addition to our portfolio in the market." Cushman & Wakefield's Atlanta office brokered the transaction.
Built in 2000, Preston Hills at Mill Creek has one-, two- and three-bedroom units with an average size of 1,112 sf. The property is 93% occupied. Property amenities include a clubhouse, two swimming pools, two fitness centers, business center and 90 detached garages. HGI plans to invest $673,000 in the property for interior and exterior upgrades. Rents currently range from $815 to $865 for a one-bedroom unit, $945 to $1,155 for a two-bedroom unit and $1,275 for a three-bedroom unit.
HGI owns four other apartment communities in Atlanta containing a total of 1,420 units. The other communities it owns includes the 400-unit Veranda Apartments in Atlanta, the 280-unit Cavalier Creekside Apartments in Lithonia, the 444-unit Creekside Corners Apartments in Lithonia and the 296-unit Bridges of Kennesaw in Kennesaw.
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