RealSource Acquires Two Atlanta Apartment Projects for $39M
RealSource Residential and Management group has acquired two value-add apartment projects in Atlanta in two separate transactions totaling $38.9 million. The sellers in the transactions were private equity funds.
The properties included Windsor Landing, a 200-unit property in Morrow, and Gateway at Hartsfield, a 168-unit property in College Park. Both properties are value-add B class units and RealSource will be making upgrades to the interior and exterior of the properties. Once renovations are completed, RealSource anticipates rental increases to competitive market prices.
“We believe strongly in the Atlanta MSA and that this strong job market will be a leader in the recovery, while keeping work force housing very sustainable,” said Nate Hanks, CEO at RealSource. “In our analysis during these transactions during Covid-19, April and May rental payments remained strong and above national averages. This confirms the success of our econometric model that helps us in determining the best markets in which to invest. Our team has already begun improvements, and we are feeling very positive as Georgia is reopening business.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.