 |
| Jason Nettles |
ATLANTA, GA – HFF announced today that it has closed the
sale of Birch Grove and Sycamore Chase, multi-housing communities
totaling 332 units in Decatur, Georgia.
HFF
marketed the properties on behalf of the seller, an affiliate of Resource Real
Estate. Audubon Communities purchased
the assets for $13 million in an all cash transaction.
 |
| David Wagner |
Birch
Grove and Sycamore Chase are situated on a combined 28.35 acres less than one
mile apart at 3073 Cedar Creek Parkway and 3117 Cedar Brook Drive,
respectively.
The properties are located about nine miles east of downtown
Atlanta within the perimeter of Interstate 285. Birch Grove has 168 units and Sycamore Chase has 164 units with a
combined occupancy of 94 percent. Units
are primarily two- and three-bedrooms with an average unit size of 1,142 square
feet.
 |
| Birch Grove Apartments, Decatur, GA |
The
HFF investment sales team representing Resource Real Estate was led by senior
managing director Jason Nettles and director David Wagner.
Resource Real Estate manages a real estate portfolio with an aggregate
value of approximately $1.7 billion, which includes over 24,000 apartment units
across 66 multifamily communities in 18 states. It has over 550 employees
across the United States with primary offices located in Philadelphia, New York
City, Los Angeles, Denver and Omaha.
 |
| Sycamore Chase Apartments Decatur, GA |
Audubon Communities is an Atlanta-based real estate firm with regional
offices in New York City and New Orleans that specializes in the redevelopment
and repositioning of multi-family assets.
Audubon Communities will manage the property and oversee a major
renovation and repositioning of the two communities. This acquisition marks the fifth Atlanta apartment community
acquired by Audubon and its investment partners in the past 16 months.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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