June 2, 2020
RealSource Residential and Management group has acquired two value-add apartment projects in Atlanta in two separate transactions totaling $38.9 million. The sellers in the transactions were private equity funds.
The properties included Windsor Landing, a 200-unit property in Morrow, and Gateway at Hartsfield, a 168-unit property in College Park. Both properties are value-add B class units and RealSource will be making upgrades to the interior and exterior of the properties. Once renovations are completed, RealSource anticipates rental increases to competitive market prices.
“We believe strongly in the Atlanta MSA and that this strong job market will be a leader in the recovery, while keeping work force housing very sustainable,” said Nate Hanks, CEO at RealSource. “In our analysis during these transactions during Covid-19, April and May rental payments remained strong and above national averages. This confirms the success of our econometric model that helps us in determining the best markets in which to invest. Our team has already begun improvements, and we are feeling very positive as Georgia is reopening business.”
For comments, questions or concerns, please contact David Cohen