July 12, 2016
Balfour Beatty Communities LLC and partner Harbet Management Corp. have acquired the 400-unit Nesbit Palisades apartments in Alpharetta, GA. The seller was listed as RRE Jasmine Holdings LLC, a subsidiary for Resource Real Estate Opportunity REIT Inc. A sales price was not disclosed, though the seller had acquired the property in 2013 for $26.3 million.
The Malvern, PA-based buyer plans to reposition the property at 8520 S. Holcomb Bridge Rd. Balfour Beatty will manage the property through its multifamily division, continue an in-unit renovation program, and develop an exterior enhancement plan.
“With the strength of the Alpharetta market and the proven value-add upside on this property, Nesbit Palisades is an ideal fit with our multifamily investment strategy,” said Chris Williams, president of Balfour Beatty Communities.