Praedium, Audubon Buy $45M Multifamily Portfolio

ATLANTA-New York City-based Praedium Group, in a partnership with Audubon Communities Management, has acquired a seven-property multifamily portfolio in the Metro Atlanta area for $45 million. The properties include 938 units in 156 buildings spread across six counties, and are part of Praedium’s strategy of investing in value-added real estate that it seeks to enhance through management.

The seller is Atlanta-based Felker Properties Inc., a company that is exiting the business because the principals of the company have decided to retire, according to principal Don Nichols. Felker plans to sell the remaining three properties it owns in Atlanta over the next two years, he says.

All seven class B and C properties were managed by Felker affiliate Apartment Home Properties in Atlanta, but are now managed by Audubon, which is leading a rebranding process under which the names of the communities are being changed as well as improvement programs put in place. A spokesperson for the Praedium group says the company cannot provide additional information at this time.