ATLANTA—H.J. Russell & Company and Civitas Communities have snapped up nearly 500 multifamily units in three multifamily complexes near Six Flags Over Georgia. The joint venture bought the class B multifamily properties from QR Capital for nearly $20 million.
Rod Mullice, senior managing director at NGKF in Atlanta, represented the buyer and arranged the debt in the transaction. Mullice placed nearly $9 million of debt with Citizen’s Trust Bank of Atlanta and managed a $3 million loan assumption from Walker & Dunlop.
“These are solid B properties that will perform even better under H.J. Russell & Company’s sophisticated management team,” says Mullice. “The communities are positioned to enjoy a boost in residential demand from an ongoing expansion at Six Flags Over Georgia, and are also close to the Fulton Industrial Corridor, a major employment center and the chief logistics hub serving Hartsfield-Jackson Atlanta International Airport.”
The three Cobb County multifamily properties are located 15 minutes from Downtown Atlanta and in proximity to each other along Six Flags Drive, minutes away from Six Flags. Occupancy across the portfolio averages nearly 95%. The multifamily properties include: Parkview Atlanta Apartments, a 144-unit complex at 360 Six Flags Drive Southwest; Kingsley Village Apartments, a 146-unit complex at 595 Six Flags Drive Southwest; and Hunter’s Grove Apartments, a 200-unit complex at 575 Six Flags Drive Southwest.
“These communities are literally right down the street from the Six Flags amusement park,” Jerome Russell, president of H.J. Russell & Company and Russell New Urban Development, a family-owned real estate companies own more than 7,300 multifamily units in properties across the country. “We’re going to enhance the value of these assets and perhaps develop additional properties along that corridor.”
QR Capital had acquired the multifamily assets from a lender following the 2009 bankruptcy of the previous owner. QR completed substantial renovations at the three properties in 2010 and 2011.