Real estate investor and developer Northwood Ravin sold two Decatur apartment communities to the HHHunt Corp. residential company for $257.5 million.
The five-story, wrap-style complexes, Scott Crossing at 2550 Blackmon Drive and Point on Scott at 2532 N. Decatur Road, have been renamed Abberly Skye and Abberly Onyx, respectively. Abberly Skye sold for $162.5 million, and Abberly Onyx sold for $95 million.
Abberly Skye contains 405 apartments and was built in 2020, while Abberly Onyx has 250 units and was developed in 2017.
Both properties offer studio and one-, two- and three-bedroom apartments and have fitness centers, pools, golf simulators, saunas, dog parks, lounge areas and outdoor courtyards.
The acquisition marks Virginia-based HHHunt’s entry into the Atlanta multifamily market.
“HHHunt is excited to enter the Atlanta market and introduce our how-you-live lifestyle to the area,” HHHunt Apartment Living senior vice president Lance Goss said in a news release. “Atlanta is a vibrant and dynamic city, and we’re proud to become a part of this community. Emphasizing our commitment to the region, we see significant growth potential in Atlanta and are pursuing additional opportunities locally.”
JLL Capital Markets represented HHHunt in the acquisitions, which were part of a large capital placement in a 1031 transaction that included the redeployment of capital generated from the sale of a significant asset in the Southeast into five Class A multifamily properties in Nashville, Atlanta and Charlotte. JLL helped HHHunt obtain $104.9 million in floating-rate, bridge-loan financing for the Abberly Sky purchase and $61.4 million in similar funding for Abberly Onyx.
The JLL team representing HHHunt in the acquisitions was led by Matthew Lawton, Vic Ciancetta, John Weber, Bill Shippen, Amalia Londono and Nick Brown, and a debt advisory team led by Travis Anderson arranged the financing.