December 14, 2017 Comments Off on Southeast Multifamily Portfolio Trades for $34M Views: 2365 Alabama, Georgia, National News, Southeast

Southeast Multifamily Portfolio Trades for $34M

A joint venture affiliate of Tampa-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds acquired a $34-million multifamily portfolio comprised of three Southeast value-add assets. Included among the 604-unit purchase are apartment home communities in the Atlanta suburb of Covington, GA. Robinsonville, MS., near the Memphis-area casino resort in Tunica, MS. as well as in Dothan, AL.

Blue Magma Residential’s Reuven Oded says, “With 97% occupancy at closing, this unique portfolio represents outstanding value-add opportunity in well-positioned markets.”

Properties include
– The Park at Arlington, $15.2 million, 188-unit former Orchard Cove in Covington, GA (pictured)
– The Park at Brighton, $11.6 million, 232-unit former Gardens of Canal in Robinsonville, MS
– The Park at Ashburn, $7.8 million, 184-unit former Madison Square in Dothan, AL

Cushman & Wakefield, Atlanta, brokered the transaction, and Ladder Capital provided debt financing for the purchase. The sellers were undisclosed.

Read more at PR Newswire

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For comments, questions or concerns, please contact Dennis Kaiser

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