Hudson Capital Buys Atlanta Area Multifamily for Nearly $99M
Hudson Capital acquired the 46-ace property in the affluent Cherokee County submarket of Atlanta from Bell Partners of Greensboro, NC.
WOODSTOCK, GA—New York City-based Hudson Capital Properties has added the 498-unit Bell Woodstock garden apartment community here to its portfolio in the Southeast.
Hudson Capital acquired the 46-ace property in the affluent Cherokee County submarket of Atlanta from Bell Partners of Greensboro, NC. Globest.com has learned the sale price was approximately $98.5 million. Kevin Geiger of CBRE acted on behalf of the seller in the deal.
In October 2014, Bell Partners acquired the property formerly named Alta Woods. The community was subsequently renamed Bell Woodstock and was managed by Bell Partners.
“Fewer than 700 rental units have been delivered in the Woodstock area in the past five years,” says Robert B. Cohen, II, chief investment officer of HCP. “This constraint of rental housing has kept occupancy levels high and rent growth strong.”
He adds, “Due to the recent enhancements made to the property’s amenity set by the previous owner and the healthy fundamentals that currently exist in the submarket, Hudson plans to grow rents organically over the next 5-7 years and then perform extensive renovations once the rent ceiling has been raised substantially by future development.”
Woodstock has become an attractive suburban location within the Atlanta metro area. The city has doubled its population since the mid-2000s and boasts a variety of outdoor recreation options, including the Olde Rope Mill park, which features walking, hiking and bike trails as well as fishing areas.
Bell Woodstock is located three miles from the downtown district, which offers residents top dining, shopping and entertainment venues within a thriving “Main Street” environment, HCP officials relate.
Through its affiliated companies, Hudson Capital acquires, owns, and operates a portfolio of multifamily properties in the Southeastern United States that currently comprises more than 6,500 units, and is currently constructing more than 500 apartment units just outside of Manhattan.