Viking Buys $52M Atlanta Value-Add Property

Dawson Forest, a 268-unit value-add asset located outside of Atlanta, has been picked up by Viking Capital for $52 million. Viking says the asset has value-add potential with a business plan of renovations on 68% of units, equaling a $548,000 upside. The company also says the multifamily community has below-market average rents and a 95% occupancy rate. It’s located at 100 Green Forest Drive, in Dawsonville. It’s Viking’s 26th acquisition.

Public records show Walker & Dunlop originated a $35.2 million Freddie Mac acquisition loan. The note carries a 5.65 percent fixed rate and will mature in 2029.

According to Yardi Matrix data, the previous owner was a joint venture of REM Finance, Archway Equities, MAC Multifamily Investments, MB Capital Assets and Silver Creek Development. The partnership bought the asset for $30.2 million in 2015, according to the same source.

Viking says its investment strategy is identifying low-risk opportunities that offer significant value-add potential, enabling them to preserve investors’ capital while maximizing long-term growth potential.