"Our plans are to buy 1,500 to 2,000 units in the Southeast in the next few years," Parker Pinkalla, analyst with Fowler, tells GlobeSt.com. Greg Ward, vice president of acquisitions for the region, will lead the effort for those future transactions as he did this one, he says.

A fixed-rate loan of $28.7 million was arranged for the Conifer Crossing property through Freddie Mac by Tucker Knight, managing director of Holliday Fenoglio Fowler LP Houston. HFF managing director Jason Nettles and associate director Megan Thompson from the Atlanta office represented the seller in the transaction.

Fowler is planning $6.3 million, or $15,000 per unit, in exterior and interior improvements for the class B property that will raise its status to B plus or A minus, says Pinkalla. New cabinets, floors, paint and countertops will be installed within the units, along with an upgrade of the amenities which include a clubhouse, pool, fitness center, playground, sand volleyball court, racquetball court and tennis courts. Post rehab, Fowler plans to raise rents from 74 cents per sf to about 80 cents per sf. The property, which is currently 98% occupied, has one to three bedroom units that average 1,233 sf each.