(Read more on the multifamily market.)
ATLANTA-Irvine, CA-based Aslan Realty Group has acquired the 348-unit Ridge at Crescent Cove Apartments at 3495 Jones Mill Rd. for $23.25 million. The seller was King Ashley Run Apartments LLC.
Aslan senior vice president of acquisitions Jay Burns tells GlobeSt.com that the complex was part of a three-property portfolio acquired through an off-market transaction facilitated through Greg Engler, of Engler Financial Group. Earlier in the week Aslan--in a joint venture with Santa Barbara, CA-based Somera Capital Management--acquired the 350-unit Legacy Key apartment complex in Sandy Springs for $28.1 million. Earlier in November, Aslan acquired the 760-unit Commons Apartments at 7600 Roswell Rd. in Sandy Springs for $60.25 million in a joint venture with JP Morgan's Real Estate Principal.
Burns says Aslan was attracted to the asset based on its strong unit mix; 90% of the units are two and three bedrooms with an average sf of 1,150. The property was constructed in 1985 and sits on 45 acres and is adjacent to a lake. Aslan plans on spending approximately $7,000 a unit for interior and exterior renovation.
This is Aslan's fourth acquisition in Atlanta over the past 90 days, bringing the recent acquisitions total to 2,000 units. In September, the company acquired the 431-unit Heights at Lenox Apartments at 3200 Lenox Rd. for $41.45 million. Due to the volatility in the debt markets, Aslan and its institutional equity partner paid all cash in the transaction. Aslan is seeking to acquire an additional 5,000 units in Atlanta by the end of 2008.
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