Atlantic/Pacific Cos. Expands National Footprint with Apartment Buy in Georgia, Texas
- Jan 21, 2015
A|P Companies, a Miami-based real estate company is expanding its apartment holdings in Georgia and Texas with the acquisition of six Class A multi-family communities for more than $200 million.
The company, which has purchased, developed, leased and managed residential and commercial properties since the mid-1970s, made the acquisition of the 1,941 units with Blue Arch Advisors, an Aventura, Fla.-based real estate investment firm. It is the first joint acquisition for Blue Arch and A|P.
This investment increases the company’s holdings in Georgia to more than 2,600 units in 10 communities and its assets in Texas to more than 2,300 units in seven communities. It marks A|P’s first investment in the Houston market and adds to its existing properties in Dallas, Austin and San Marcos, Texas.
“A|P is extremely excited to add these quality assets to its growing portfolio,” Mark Briggs, senior managing director at Atlantic|Pacific Management, said in a news release. “A|P continues its smart growth with over 5,000 units now acquired within the past three years.”
The company plans to make some capital improvements, including interior upgrades and common area improvements, throughout the portfolio. A|P Management, the property leasing and management platform under A|P, will handle all property management for the new properties.
Most of the multi-family communities acquired in this portfolio are located in Georgia. They are: Carrington Green, McDonough Ga., 264 units; Villas at Southpoint, also in McDonough, with 297 units; Harris Bridge Overlook, Dallas, Ga., 332 units; and Shiloh Valley Overlook, Kennesaw, Ga., 300 units.
Two properties in Texas were also part of the new portfolio: Villas at West Road, Houston, with 240 units; and The Barons, East Mesquite, Texas, a Dallas suburb, with 508 units.
The majority of the properties offer one-, two- and three-bedroom apartments. Amenities include 24-hour fitness centers, pools and picnic areas.
A fourth-generation real estate company, A|P owns and/or manages more than 23,000 residential units and 500,000 square feet of commercial space. Most of its holdings are located in the Southeast and Texas but it also has assets in Southern California, including San Diego, where it has its West Coast office. Any additional acquisitions made this year would likely be in the same regions, company officials said.