CBRE Reps Buyer, Secures $21M Acquisition Loan for Acworth Apartment Complex
Atlanta, GA-based real estate firm The Hallmark Companies has secured a $21.4-million loan through CBRE for and completed the acquisition of The Bauer, a 192-unit multifamily complex located in the Atlanta suburb of Acworth, GA.
Salt Lake City, UT-based Sundance Bay sold the property for an undisclosed price.
Blake Cohen and Blake Ilgenfritz of CBRE represented The Hallmark Companies and secured the acquisition loan, which was sourced through Fannie Mae. The Bauer participates in the low-income housing tax credit program and is subject to affordability restrictions with approximately five years of compliance left.
“The LIHTC space is less fazed by the current disruption due to more favorable loan sizing and pricing treatment via the agencies’ dedicated affordable channels,” said Cohen.
The 1997-constructed property includes a mix of one-, two-, and three-bedroom units plus clubhouse, coffee bar, fitness center, playground, swimming pool and laundry facility.