ATLANTA, GA—An affiliate of Tampa-based Blue Magma Residential closed a $44.4 million, 918-unit apartment portfolio near Hartsfield-Jackson Atlanta International Airport, surpassing $100 million invested in the Atlanta market since 2015.
Blue Magma acquired three value-add communities: the $18.2 million, 384-unit Lakeview Trails, a market rate property in College Park, GA; the $17.8 million, 324-unit Preserve at Bent Creek, and $8.4 million, 210-unit Epic Brookside tax credit properties in Atlanta and College Park, respectively.
“Blue Magma Residential is continuing in its deliberate strategy of acquiring value-add properties in the Southeast U.S. where employment, household, demographic growth and corporate relocations are all solid and trending upward,” says Reuven Oded, managing partner. “Blue Magma Residential is also expanding our strategic move into the Lower Income Housing Tax Credit segment of the market. We feel there is a growing opportunity, and frankly a void, in this underserviced and underappreciated segment. This is especially true, I believe, for companies like Blue Magma Residential where customer service and focus on excellence are core values of our business model.”
Blue Magma Residential now co-owns or manages, through its affiliates, over 10,000 apartment units in Georgia, Alabama, Florida and Mississippi.
The company now owns nearly 2,500 units locally. The acquisition represents its fifth, sixth and seventh Atlanta-area communities acquired since 2015, Oded says.
Conveniently located just one to three miles from the airport, Epic Brookside and Lakeview Trails are located at 5720 and 5724 Riverdale Road in College Park, and Preserve at Bent Creek is located at 1994 Bent Creek Way in Atlanta. Representing a price per unit of $48,365, the communities will undergo more than $6 million in exterior and interior upgrades, according to Oded.
Epic Brookside will be rebranded and marketed as The Park at Leeds, and Lakeview Trails will be marketed as The Park at Palatine. The Preserve at Bent Creek will become The Park at Castleton.
The portfolio was purchased by an affiliate of Blue Magma Residential with Montreal-based Rosdev Group, Blue Magma's capital partner in the communities. Financing was provided by Arbor Realty Trust, and the transaction was brokered by Cushman & Wakefield. VCP was the seller.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
