Atlanta-based real estate investor the Hallmark Companies purchased The Bauer, a 192-unit apartment complex in Acworth for about $34.7 million, or $180,729 per residence, according to Cobb County records.
Salt Lake City-based Sundance Bay sold the 1997-vintage, garden-style community, which comprises 14 buildings.
The community is located at 4801 Baker Grove Road NW Courtesy of Google Maps.
Blake Cohen of CBRE Capital Markets’ Debt & Structured Finance in Atlanta and Blake Ilgenfritz of CBRE Affordable Housing in Seattle represented the Hallmark Companies in securing a $21.4 acquisition loan. Fannie Mae sourced the loan for the property, which participates in the low-income housing tax credit program (LIHTC) and is subject to affordability restrictions with approximately five years of compliance left.
“The LIHTC space is less fazed by the current disruption due to more favorable loan sizing and pricing treatment via the agencies’ dedicated affordable channels,” Cohen said in a new release. “Hallmark is an established operator who has owned through many cycles, and they have never let a down market get in their way.”
The community is located at 4801 Baker Grove Road NW and offers amenities like a swimming pool, clubhouse, coffee bar, fitness center, playground and laundry facility.