(Read more on the multifamily market.)

SANDY SPRINGS, GA-A joint venture of Santa Barbara, CA-based Somera Capital Management and Irvine, CA-based Aslan Realty Group has acquired the 350-unit Legacy Key apartment complex. Kings Dunwoody Springs Apartments LLC sold the property for $28.1 million.

Built in 1979, the property consists of 25 two- and three-story buildings on 18 acres. Units range in size from 544 sf to 1,400 sf and are one- and two-bedroom configurations. Community amenities include a business center, a fitness center, two swimming pools, two tennis courts, a barbeque area and car wash facilities. The property has access to office complexes in the Central Perimeter area, Marta, shopping in Midtown, Buckhead and the Platinum Triangle.

Somera Capital Management senior vice president Timothy Mitchell tells GlobeSt.com that this is the company’s first multifamily acquisition in the Atlanta area. The property’s Sandy Springs location made it attractive for acquisition. “Sandy Springs was recently incorporated, which we think will have an impact on the multifamily market,” Mitchell says. “We think it’s going to make it harder to build multifamily developments.”

Riverstone Residential Group will serve as a third-party partner in managing the property. The joint venture plans to do renovations to the property, including upgrades to apartment interiors, building exteriors and common areas.

The acquisition is part of Somera’s acquisition strategy of targeting underperforming multifamily assets in strong locations in Atlanta, particularly North Atlanta, and adding value through renovations and marketing plans. Atlanta’s economy has been strong and, with the overbuilding that has occurred, multifamily prices have been depressed, company officials say.

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