(Read more on the multifamily market.)
SMYRNA, GA-New York City-based investors David Halberstam and Moshe Halberstam have acquired the 224-unit Concord Chase Apartments at 300 Hurt Rd. with $8.84 million in acquisition financing. The seller was an out-of-town investor.
Built in 1972, Concord Chase has 28 two-story buildings on more than 16 acres of land. It includes two-, three- and four-bedroom units with walk-in closets and balconies. Property amenities include a swimming pool, playground and laundry facilities. The occupancy level of the property was approximately 60% at the time of the sale.
Chicago-based Wrightwood Capital provided the 24-month loan for the acquisition. New York City-based Meridian Capital Group served as the broker for the financing. Wrightwood Capital Connecticut office senior director, investments Dan Hartman tells GlobeSt.com that the investors will spend $45,000 per unit, which includes the cost of the acquisition and renovations.
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