ATLANTA-SilverLeaf Financial, a private equity firm best known for buying distressed debt, is taking full advantage of the still-turbulent market. The company just acquired six non-performing notes secured by multifamily complexes in the metro Atlanta area.

The aggregate unpaid balance of the notes totals $16.61 million. The firm disclosed that depressed market conditions coupled with overleverage factored into the default. The underlying collateral spans 751 apartment units. The subject loans originated between 2002-2008, for the purpose of acquiring the complexes.

“The notes were attractive to us based on their asset class—multifamily—geographic location, default circumstances, occupancy levels, physical condition and our acquisition basis,” Campbell Dosch, a spokesperson for SilverLeaf, tells GlobeSt.com. “We are not strictly targeting the Southeast, in fact we target all regions of the US with exception to Alaska and Hawaii. The majority of our notes have had their collateral located in the West and Midwest.”