BOSTON-Having acquired One Seaport Square in its own backyard for $72 million a week ago, Berkshire Income Realty is on the move again. On Thursday, the multifamily REIT said it had acquired a pair of apartment communities in Atlanta and Dallas for a total of $120 million. Berkshire did not identify the sellers; industry data indicate it's a pair of joint ventures led by Crow Holdings.
The 10-building, 352-unit Eon at Lindbergh in Atlanta was developed in 2009, while the 236-unit Pavilion Townplace in Dallas dates from 2001. A Crow JV acquired the former 2012, while the other JV between Crow and Hat Creek Partners bought the Dallas asset in December 2010, industry data show.
Both acquisitions provide for the assumption of the outstanding mortgage loans on the properties by Berkshire. Headquartered in Boston, the REIT owns interests in 20 multifamily communities and one development project, including six in the Baltimore/Washington, DC area, three in Dallas, three in Virginia, two in Houston and one each in Atlanta, Denver, Philadelphia, Northern California, Tampa and the Portland, OR suburb of Sherwood, OR.
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