ATLANTA – Bull Realty has arranged the sale of the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments, both of which are located in Austell, Ga., an Atlanta bedroom community. Ernie Eden and Mike Terry of Bull Realty’s Apartment Group were the only brokers involved in the two transactions.
Wilbarcol Ventures purchased the two complexes, as well as a third Austell apartment community — the 146-unit Kingsley Village Apartments — from QR Capital for just more than $16 million. The cap rate on the sale was approximately 8.3 percent.
The buyer plans to reposition the Class B assets by improving top-line growth, effectively cross-managing staff, maintaining strong operating margins and improving the community through focused management. H.J. Russell & Co. will manage the complexes in conjunction with Litehouse Partners.
“The apartment-market performance in Atlanta continues to show strong growth,” Eden said. “Occupancy has increased from 90.8 percent to 92.1 percent in the last 12 months, and 3,000 units were absorbed this summer alone. Rents have increased to an average of $843 per month, an all-time high in Atlanta.”
“These properties meet the criteria that many investors are currently seeking, and we are glad to have uncovered them and helped the two parties negotiate and close,” Terry added.
Bull Realty Inc (www.BullRealty.com) is a U.S. commercial real estate sales and consulting firm headquartered in Atlanta. The firm was founded 15 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation, and 2) to provide the best commercial real estate marketing in the nation.
About the Brokers:
Ernie Eden has been in real estate for more than 40 years, during which he has skillfully negotiated and closed multifamily transactions for Freddie Mac, John Hancock, SouthTrust and many other institutional clients. His vast database of local and national investors and his relationship with these investors are of invaluable service to his clients, whether they wish to develop, purchase, or sell apartment properties and apartment land across the nation. He holds the prestigious S.E.C. and CCIM designations and is the past president of the Association of Georgia Real Estate Exchangors and a member of the Atlanta Apartment Association. Ernie is a long-time resident of Atlanta and he and his wife Liz reside in the Morningside area.
Mike Terry is a 13-year veteran of Atlanta commercial real estate and is focused on assisting clients in the acquisition and disposition of multifamily housing investments in the Southeast. As vice president of The Apartment Group, Mike manages his group’s efforts to source opportunities for institutional and private-equity clients and provide sellers with detailed marketing plans tailored to provide best-in-class exposure to create optimum competitiveness. Mike is a member of the Atlanta Commercial Board of Realtors, a CCIM designate, and serves as president of the Board of Directors for Lekotek, a national non-profit that helps developmentally challenged children through the use of play therapy. He resides with his family in the Brookhaven area of Atlanta.