ARC Multifamily Group Marches Forward on $88M Buy of Community in Pendergrass
Newport, CA-based ARC Multifamily Group is acquiring The Blakely, a four-phase, 420-unit multifamily complex in Pendergrass, GA in phases for $88.4 million from developer Green River Builders.
Charlie Clark and Blake Cohen of commercial real estate services and investment firm CBRE worked on behalf of ARC Multifamily Group to secure a $62.4 million bridge loan facility through a life insurance company.
Located at 542 Glen Gee Road, The Blakely is a garden-style apartment community about an hour northeast of Atlanta. The property is being delivered in four phases with the buyer under contract to acquire each phase once it receives a certificate of occupancy.
Upon completion, the development will include a mix of one-, two- and three-bedroom units. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and a beer garden featuring an outdoor kitchen with a bar top, outdoor TV and seating.