STONE MOUNTAIN, GA—Tampa, FL-based real estate investment and management firm Blue Magma Residential LLC has increased its presence in the Atlanta metro market with the acquisition of the Weatherly Apartments community here.
Blue Magma paid $12.75 million to MSC Investments LLC for the 224-unit property, which will be rebranded and marketed as The Park at Greatstone. The property, located at 1700 Weatherly Drive off North Hairston Road, features one- and two-bedroom units. Previously, Blue Magma acquired The Park at Stonehaven, which is located nearby at 1000 Hidden Chase in Stone Mountain.
The deal increases Blue Magma’s Atlanta area portfolio to 3,000 value-add units purchased by the firm in less than four years at a cost in excess of $133 million. The Tampa-based management company, through its affiliates, co-owns or manages more than 10,000 apartment units in Georgia, Alabama, Florida and Mississippi.
The firm has spent $94 million in the past year alone, including the $44.4 million deal to purchase the 918-unit apartment portfolio near Hartsfield-Jackson Atlanta International Airport announced in April 2018.
Reuven Oded, managing partner of Blue Magma Residential, says im connection with its latest purchase in the Atlanta metro, “We at Blue Magma are especially bullish on the Atlanta MSA and its promising future. Accordingly, we are aggressively pursuing other value-add opportunities in the Atlanta market.”
The property was 96% occupied at closing. Oded notes that Blue Magma intends to spend $2.3 million in interior and exterior upgrades at the property. Improvements will include a completely renovated pool, clubhouse, business center, fitness center, gate system and more. Also to be included, will be interior upgrades such as European-style lighting fixtures, two-tone paint, USB ports and much more.
Financing was provided through Meridian Capital Group, and the transaction was brokered by Greystone Brown Real Estate Advisors, Atlanta.
Other Atlanta-area communities owned or managed by Blue Magma Residential include: The Park at Castleton in Atlanta; The Park at Leeds and The Park at Palatine in College Park; The Park at Arlington in Covington; The Park at Edinburgh in Lithonia; The Park at Stonehaven in Stone Mountain and The Park at Morella and The Park at Netherly in Union City.