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GFI Adds 994 Multifamily Units for $27M

ATLANTA-The company hopes to increase its multifamily holdings in the metro area to 10,000 units over the next year.

By Natalie Keith | Updated on January 30, 2008

ATLANTA-New York City-based GFI Capital Resources Group has acquired a three-property multifamily portfolio with 994 units from New York City-based Sterling Group. The deal’s price tag topped $27 million.

GFI southeast regional acquisition manager Bob Mascaro tells GlobeSt.com that the properties acquired were the 438-unit Park at Bouldercrest in Atlanta, the 268-unit Park at Candler in Decatur and the 288-unit West Chase in Austell. During the past two years GFI has acquired more than 4,000 units in the Atlanta area.

“The owner had owned the properties for over 10 years and appeared to have lost interest in them,” Mascaro says. “We felt they were undermanaged.”

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