ATLANTA—H.J. Russell & Company and Civitas Communities have snapped up nearly 500 multifamily units in three multifamily complexes near Six Flags Over Georgia. The joint venture bought the class B multifamily properties from QR Capital for nearly $20 million.

Rod Mullice, senior managing director at NGKF in Atlanta, represented the buyer and arranged the debt in the transaction. Mullice placed nearly $9 million of debt with Citizen's Trust Bank of Atlanta and managed a $3 million loan assumption from Walker & Dunlop.

“These are solid B properties that will perform even better under H.J. Russell & Company's sophisticated management team,” says Mullice. “The communities are positioned to enjoy a boost in residential demand from an ongoing expansion at Six Flags Over Georgia, and are also close to the Fulton Industrial Corridor, a major employment center and the chief logistics hub serving Hartsfield-Jackson Atlanta International Airport.”