Balfour Beatty

July 12, 2016 Comments Off on Balfour Beatty, Harbet, Buy 400 Units in Alpharetta, GA Views: 479 California News, Georgia, National News, Northeast, Pennsylvania, Southeast

Balfour Beatty, Harbet, Buy 400 Units in Alpharetta, GA

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.

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