March 29, 2017
AH Capital sold the 500-unit University Oaks in Athens, GA, through an off-market, all-cash deal to Asia Capital Real Estate. The Atlanta-based seller came out of the deal with $21.7 million, less than five years after acquiring it as a distressed and underperforming property. Robert Stickel of Cushman and Wakefield represented AH Capital.
University Oaks, at 2360 W. Broad St., is situated on 26 acres on the main thoroughfare leading to the University of Georgia in Athens. During the property’s hold period, AH Capital made improvements and boosted on-site leasing and management functions, bringing in Sycamore Property Management, and its leasing and management division. The property’s occupancy increased to 93%.
“This is a well occupied, cash flowing asset with tremendous upside potential,” said Daniel Alexander, AH Capital’s founder and owner. “Our buyer was excited about the opportunity to purchase this property, which offers large economies of scale as well as potential future redevelopment in a premier submarket.”
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