Atlanta apartment investor ARC Multifamily purchased The Preston, a 334-unit community in McDonough, for $52.4 million. The seller was not disclosed. 

The Preston was built in 2001 and spans 42 acres. It includes a mix of one-, two- and three-bedroom units ranging from 767 to 1,794 square feet. Community amenities include two pools, a grilling area, business center and resident lounge. 

The acquisition was financed with a $34.2 million senior loan secured by Fannie Mae and a $11.7 million preferred equity investment provided by Related Fund Management. Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance team represented ARC Multifamily.  

“It was a pleasure working with the ARC team again as they continue to scale their presence in the Southeast,” Cohen said in a press release. “We looked at several different financing scenarios, but the senior loan plus preferred equity structure was ultimately the most accretive execution from a leverage and blended cost of capital standpoint.”