March 23, 2017
Besyata Investment Group and the Scharf Group, both based in New York, acquired two southeast multifamily assets for $74 million. Also involved with the 1,033-unit transaction were Pensam Residential and BH Equities. The sellers were undisclosed.
Park at Hurstbourne, a 689-unit, 1974 garden apartment complex is situated on 44 acres at 5555 Big Ben Dr. in Louisville, KY. The property’s amenities include an indoor pool, basketball court, two clubhouses and a day care center. The 344-unit Woodcrest Village resides on 34 acres at 2535 Woodcrest Walk in Lithonia, GA. The property delivered in 1990, and has undergone a complete exterior transformation.
The new owners plan to upgrade the amenities of both properties, as well as spearheading gradual unit renovations. BH Management will oversee property management and leasing for the assets.
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