December 14, 2017
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.”
– 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.
For comments, questions or concerns, please contact Dennis Kaiser