February 4, 2019
Atlanta-based Varden Capital Properties divested an 18-property, 1,858-unit portfolio of apartment communities throughout the Southeast. The Walden Group acquired the properties for $106.7 million.
Cushman & Wakefield’s Tyler Averitt and Craig Hey of Cushman & Wakefield represented the seller.
Averitt says, “The Walden Group’s platform is set up well to capitalize on the conversion to conventional as they exit compliance in the coming years, allowing them to maximize returns for their investors. The portfolio timing also allowed the buyer to line up dispositions through Cushman & Wakefield, so they acquired many of the assets with tax-free 1031 money, ever compounding the initial investment from their private equity partners.”
The portfolio included:
- Seven properties across Alabama
- Five properties in Pensacola, FL
- Three properties across Tennessee
- One 200-unit property in Pascagoula, MS
- One 203-unit property in Winston-Salem, NC
- One 223-unit property in Houston, TX
*Pictured Arlington Park
For comments, questions or concerns, please contact Dennis Kaiser