Atlas Real Estate Partners has acquired Cottages at Emerald Cove, a 290-unit Class A- multifamily community built in 2017. The property is located in Pooler, a submarket of Savannah. Atlas assumed a below-market Fannie Mae loan obtained by the seller, Rockworth Cos. Commercial Edge reports Rockworth acquired the asset in 2020 for $45.5 million. Cushman & Wakefield represented Rockworth.

Atlas’s Arvind Chary says the company intends to add value to the property through renovating units, “We’re excited about unlocking what we think is incredible potential. This project perfectly fits our investment strategy of acquiring high-quality apartment communities in rapidly growing markets at a discount to replacement cost that can be repositioned to create additional value.” Atlas also plans to upgrade the existing amenities and improve the common areas, including activating the central lake.

Atlas intends to acquire $1B of value-add multifamily assets across the Southeast over the next 3 years.