Miami real estate investment firm SAR Apartment Capital LLC acquired a distressed 434 units in Atlanta, Georgia for $20,200,000 at $46,500 a door. Property is divided into two different assets; Brentwood Creek with 238 units and Brentwood Heights 196 units . This deal was purchased distressed with a 60% vacancy.
The property rents and condition are much lower than surrounding properties. Properties are situated in family oriented affordable thriving markets. The acquisition was headed by Sam Jazayri , Rene Sanchez and Abiel Ballesteros. The founders have had a lot of success in Atlanta market. They sold a similar portfolio just a couple blocks away Vesta Adams Park for $23,000,000 with 298 units at $77,000.
Why Atlanta? The Atlanta economy is the 10th largest in the country and 18th in the world with an estimated 2014 GDP of over $324 billion. Atlanta is one of ten U.S. cities classified as an “alpha-world city” by a 2010 study at Loughborough University and ranks fourth in the number of Fortune 500 companies headquartered within city boundaries, behind New York City, Houston, and Dallas. Over the year, the professional and business services super sector added 9,400 jobs in the local area. Atlanta’s 1.8-percent annual rate of job growth in the professional and business services super sector was similar to the 1.9-percent national gain. Three other super sectors in the local area gained at least 5,000 jobs over the past 12 months: trade, transportation, and utilities (+8,400); government (+6,100); and construction (+5,100).
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SAR Apartment Capital LLC is a national multifamily investment firm with over $130,000,000 of assets under management.