(Read more on the multifamily market.)
SMYRNA, GA-New York City-based investors David Halberstam and Moshe Halberstam have acquired the 224-unit Concord Chase Apartments at 300 Hurt Rd. with $8.84 million in acquisition financing. The seller was an out-of-town investor.
Built in 1972, Concord Chase has 28 two-story buildings on more than 16 acres of land. It includes two-, three- and four-bedroom units with walk-in closets and balconies. Property amenities include a swimming pool, playground and laundry facilities. The occupancy level of the property was approximately 60% at the time of the sale.
Chicago-based Wrightwood Capital provided the 24-month loan for the acquisition. New York City-based Meridian Capital Group served as the broker for the financing. Wrightwood Capital Connecticut office senior director, investments Dan Hartman tells GlobeSt.com that the investors will spend $45,000 per unit, which includes the cost of the acquisition and renovations.
The sponsors plan to make capital improvements to the unit interiors and the property common areas to increase occupancy and rents to market levels. Locally based Lane Co. will manage the property. "This is a class C plus property in a B location that needed some capital improvements and management experience," Hartman says. "It's located in a nice, stabile market."
Located near the northern intersection of Interstate 285 and Interstate 75, the property is close to the Cumberland business district, several major employers, and Dobbins Air Force Base. It is also in close proximity to several main roads, including Cobb Parkway, Atlanta Road and South Cobb Parkway, that provides access to Downtown. "Concord Chase Apartments are located near several large employment centers and corporate headquarters and offers easy access to major highways," says Hartman. "This makes the community an ideal place for tenants wanting to be close to work, while retaining access to a variety of amenities."
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