(Read more on the multifamily market.)
ATLANTA-A Norfolk, VA-based affiliate of Harbor Group International LLC has acquired the 228-unit Abernathy Apartments at 550 Abernathy Rd. for $24.35 million. The seller was an affiliate of locally based Invesco.
Harbor Group plans to invest just under $1 million in capital improvements to the property. The previous owner had made some capital improvements, including roof replacements and modernization of HVAC equipment. “We have looked at a number of properties in this submarket,” Harbor Group president T. Richard Litton Jr. tells GlobeSt.com. “This property is close to the UPS headquarters. We think there are good job drivers and good economics in this area.”
Built in 1971, the property features two- and three-bedroom units with an average unit size of 1,360 sf. Amenities include a clubhouse, swimming pool with sundeck, business center, fitness center and playground. The property is 96% occupied. Kevin Geiger, of CB Richard Ellis, was the broker in the transaction.
This is the second acquisition the company has made in Atlanta in the past two months. In August, it acquired the 464-unit Preston Hills at Mill Creek Apartments from an affiliate of Sagebrush Cos. for $45.5 million. The company now owns six apartment communities in Atlanta. “The Atlanta apartment market continues to improve,” Litton says. “We've had great success at our other Atlanta properties which total 1,884 units.”
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