OMAHA—Although the market for multifamily developments has recently experienced some decline in sales volume and debt financing, the market remains strong and many investors continue to find what they consider good deals. The Haley Real Estate Group, an Omaha-based investment firm, for example, recently acquired six multifamily properties spread across three Southern states. The set includes The Woodlands and Windchase Apartments in Odessa, TX, Vistas at the Venue and Verandas at the Venue in Valley, AL, Three Oaks Apartments in Valdosta, GA, and Wildwood Apartments in Thomasville, GA. The $82.2 million in purchases added nearly 1,400 units to its portfolio and were its first buys in Georgia and Alabama.

“Acquisitions were a priority for our company in 2013 and the trend will continue into the New Year as we expand upon our growth strategy in strategic secondary and tertiary markets,” said Doug Hastings, senior vice president of property management for DEI Communities, the property management affiliate of Haley that will take on day-to-day operations at the six properties. “As part of our overall strategy, we have already initiated a comprehensive renovation plan across all six properties.”

Haley's acquisition of the Alabama properties was part of an effort to expand its portfolio in the central region. The firm rebranded the 128- and 490-unit class A communities, built in 2008 and 2009, as the Apartments at the Venue. The properties sit adjacent to one another in Valley along the Alabama/Georgia border, only ten minutes from the KIA Motors manufacturing plant in West Point, GA. Haley completed the acquisition last August and has already begun $1 million worth of capital improvements including the construction of a new pool and community-wide landscaping.