An Atlanta landlord recently sold its portfolio of 12 apartment communities for $325 million.
JAMCO Properties, which was founded in 1992, was the seller. The communities aggregate 2,459 units in Fulton, Dekalb and Clayton counties, and all have pools.
The portfolio is a “generational asset” with an average hold period of 14 years, a rare occurrence these days, according to Berkadia, which arranged financing on behalf of the unidentified purchaser.
“The seller felt that it was time to exit the market,” Berkadia senior managing director Paul Vetter said in a press release. “Multifamily has been his life for so long, and he was such an incredible owner and steward of his properties. The buyer is getting a portfolio with large units, and they are excited to execute their value-add strategy on units that have been virtually untouched. This was one of the true, win-win transactions for both buyer and seller.”
The properties in the portfolio include:
- Aspen Pointe, 300 units,1300 Gran Crique Parkway in Roswell.
- Emerald Pointe, 196 units, 501 Roberts Drive in Riverdale.
- Lakeside Townhomes, 177 units, 5577 Riverdale Road in College Park.
- Linden Ridge, 210 units, 5400 Memorial Drive in Stone Mountain.
- Maplewood Pointe, 218 units, 221 Upper Riverdale Road in Jonesboro.
- Morrowood Townhouses, 264 units, 5915 Trammell Road in Morrow.
- Oak Run, 144 units, 7878 North Main St. in Jonesboro.
- Stonetree, 232 units, 2414 Stone Road in East Point.
- Stratford Arms, 100 units, 417 Valley Hill Road SW in Riverdale.
- The Village at Wesley Chapel, 218 units, 5915 Trammell Road in Decatur.
- Willow Lake, 280 units, 5100 West Mountain St. in Stone Mountain.
- The Woods at Southlake, 120 units, 850 Mount Zion Road in Jonesboro