Blue Rock Scoops Up Varden Capital’s Southeast MF Portfolio
Varden Capital Partners repositioned the assets following a bulk purchase, and made healthy profits for investors while leaving a great value-add path ahead for Blue Rock, says Cushman & Wakefield's Tyler Averitt.
ATLANTA, GA— Blue Rock Partners acquired a six-property, 1,522-unit portfolio of apartment communities throughout the Southeast from Varden Capital Partners in a $78.3 million transaction brokered by Cushman & Wakefield.
Tyler Averitt, Jimmy Adams and Craig Hey of Cushman & Wakefield represented Varden in the transaction.
“Deals when both parties walk away happy are deals we strive for as a group, and this portfolio represents one of those situations,” Averitt says. “By repositioning these assets after a bulk purchase and proving out a value-add program, Varden Capital Partners was able to make healthy profits for their investors. By only renovating a small sample of units, they left a great value-add path ahead for Blue Rock, which is the exact opportunity they are seeking in the Southeast.”
The properties in the portfolio include:
- The 184-unit Madison Square in Dothan, AL
- The 324-unit Preserve at Bent Creek in Atlanta
- The 384-unit Lakeview Trails in College Park, GA
- The 210-unit Epic Brookside in College Park, GA
- The 188-unit Orchard Cove in Covington, GA
- The 232-unit Gardens of Canal Park in Robinsonville, MS
Cushman & Wakefield’s Southeast Multifamily Advisory Group closed $4.8 billion in 2017 sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units.