ATLANTA—Commercial real estate investment banking firm George Smith Partners secured $58 million in financing for the acquisition and repositioning of two 1970s—1980s vintage work-force housing apartment buildings with 680 units in the Norcross submarket of the Atlanta metro area. George Smith worked on behalf of the sponsor, a private investor.

Gary E. Mozer, a principal and co-founder of the firm, along with Michael Anderson-Mitterling, Katie Rodd, Kyle Howerton, and Nick Rogers, arranged the financing. The deal included $45 million in non-recourse acquisition debt and $13 million of joint venture equity.

“Workforce housing presents a tremendous investment opportunity in the current market,” says Mozer. “Lenders look favorably on this product type based primarily on the exponential demand for moderately-priced housing throughout the country.”