3/9/2016
Texas firm makes three­property acquisition in the Atlanta area for $36 million ­ Atlanta Business Chronicle
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From the Atlanta Business Chronicle:
http://www.bizjournals.com/atlanta/news/2016/03/09/texas-firm-makes-three-propertyacquisition-in-the.html
Texas firm makes three-property acquisition in the Atlanta area
for $36 million
Mar 9, 2016, 10:50am EST
Houston-based InterCapital Group LLC acquired a portfolio of
three multifamily properties in Austell, Ga., and Douglasville, Ga.,
from New York-based Wafra Investment Advisory Group Inc. for
$36 million.
The New York-based real estate lending, investment and advisory
company Greystone & Co. Inc. reported Forest Glen Apartments
in Austell, Ga. has 264 units on 26.4 acres and was acquired for
COURTESY OF GREYSTONE
$14.96 million. Home Ridge Apartments in Douglasville, Ga., has
200 units on 25 acres and was bought for $9.82 million while
Stewart’s Mill Apartments, also in Douglasville, Ga., has 188 units on 18.8 acres and was acquired for
$11.33 million.
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3/9/2016
Texas firm makes three­property acquisition in the Atlanta area for $36 million ­ Atlanta Business Chronicle
Greystone provided $36.11 million in Fannie Mae DUS loans, which were originated by Rob Russell, for
the acquisition. The loans carry a 10-year term with 3 years of interest-only and a low fixed interest rate.
Joe Mosley, executive managing director and head of agency lending at Greystone, said the
Douglasville and Austell markets are bedroom communities to Atlanta and are in close proximity to
major employment areas and close to various shopping, dining and entertainment options.
“According to REIS, the Douglas County submarket has a current inventory of 6,800 units in over 30
communities and the Cumberand/Galleria submarket has a current inventory of over 48,000 units in
over 220 communities,” Mosley said. “Both submarkets have experienced increasing occupancy and
rental growth over the past several years and over the long-term, both submarkets should see
continued expansion and demonstrate strong demand for apartment properties. Greystone follows its
clients and lends in these markets because of the solid market fundamentals and the future upside
potential.”
Ricky Jones, investment associate in the Atlanta office of the commercial real estate services firm
Franklin Street, said the activity level in Atlanta has increased dramatically which has caused capital
rates to become more compressed.
"Because of that, we are seeing some investors look outside Atlanta’s core in search of more attractive
returns," Jones said. "Secondary and tertiary markets like Savannah, Augusta, Macon, Columbus, have
been the focus of many investors simply due to the fact that favorable returns are still achievable.”
Phil W. Hudson
Staff Writer
Atlanta Business Chronicle
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3/9/2016
Texas firm makes three­property acquisition in the Atlanta area for $36 million ­ Atlanta Business Chronicle
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