Frankforter Group Buys 623 Units in Atlanta for $40M
- May 22, 2019
Frankforter Group has acquired a two-property, 623-unit multifamily portfolio in the Atlanta area for $39.5 million. The real estate investment firm picked up the Preserve at Collier Ridge, a 419-unit community in the Harwell Heights neighborhood of Atlanta, and Orchard Walk, a 204-unit property in Decatur, Ga.
Built in 1972, the Preserve at Collier Ridge is located at 1021 Harwell Road, west of downtown, and consists of 26 buildings of two stories. Units range in size from one to three bedrooms and common amenities include a swimming pool and tennis court.
Orchard Walk is situated at 3800 Flat Shoals Parkway, east of Atlanta. Completed in 1970, the property comprises 23 buildings of two stories, offering two- and three-bedroom units. Yardi Matrix data indicates that the previous owner was MuniMae, which bought the asset from First Atlantic Capital in 2013.
Both properties have strong occupancy rates but could benefit from exterior and interior upgrades, according to a prepared statement by Frankforter Group. The company said it expects to remain active in the Atlanta market and through the Southeast region, after buying The Station at Richmond Hill, a 181-unit multifamily asset in the Georgia capital, at the start of 2018.
Last October, Frankforter Group acquired Sweetwater Cove, a 288-unit community in Tampa, Fla., for $35.5 million from Harbor Group International.