X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

DECATUR, GA-Making its second Atlanta-area multifamily purchase in the last 60 days, Los Angeles-based Hager Pacific Properties has acquired the 734-unit Tree Crest Apartments in this suburban city for $39 million. The 16-year-old asset traded for a below-replacement cost of $53,134 per unit. Hager did the deal in a joint venture with New York-based Collins Group LLC.

In June, Hager paid $18.5 million for the Atlanta Garden Ridge portfolio. “The Decatur suburb of Atlanta has grown approximately 86% in the last 10 years, making the Tree Crest Apartments an appealing investment,” Hager managing partner Adam Milstein says. “We believe this market will continue to demonstrate long-term growth.”

At the time of the Garden Ridge portfolio acquisition, Rob Neal, managing partner, Hager Pacific Properties told GlobeSt.com that the acquisitions were a good fit with the company’s portfolio due to their close proximity to major highways and other factors. Tree Crest Apartments is also near major highways, specifically Interstates 20 and 285.

The 64-acre property was purchased from Atlanta-based Wilwat Properties. Milstein says Tree Crest Apartments, built in 1990, was extensively renovated in 2004 with a new roof and exteriors. The property includes one-bedroom units sized from 550 sf to 885 sf; two bedroom apartments from 1,060 sf to 1,354 sf; and townhouses. The community has a fitness center, indoor pools, heated whirlpool spa, tennis courts and two indoor racquetball courts.

David Gutting of Cushman & Wakefield of Georgia Inc.’s Atlanta office represented buyer and seller.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.