Citymark Capital and InterCapital Group Acquire Atlanta Apartment Portfolio
By: Citymark Capital
The 310-unit Evergreen Park and 244-unit Evergreen Terrace are gated, garden-style communities, located approximately five miles apart in Fairburn, a bedroom community 17-miles south of downtown Atlanta. Evergreen Park and Evergreen Terrace, built in 2002 and 2008 respectively, include a mix of one,- two- and three-bedroom apartment homes. The portfolio was 95 percent occupied at closing.
Both communities were institutionally owned, and the joint venture will continue the seller's capital improvement program upgrading unrenovated units across the portfolio with new flooring, appliances, hard surface countertops, hardware and lighting. All common areas also will be upgraded and pet and leisure amenities will be added.
Located in South Fulton County, the properties benefit from numerous demand drivers, most notably their proximity to several of the region's most significant employment hubs including downtown Atlanta and the Palmetto-Fairburn-
"Atlanta's strong job growth, which is expected to continue for the next decade, has fueled rental demand, particularly in the moderately priced submarkets like South Fulton County," said Citymark Founder and CEO Daniel Walsh. "Leveraging on our partner's experience and economies of scale, where they own and operate more than 5,500 units in the Atlanta metro, we plan to create housing environments that our tenants will be proud of, while at the same time generating attractive risk adjusted returns for our institutional investors."
Citymark (http://www.citymarkcapital.com) entered the Atlanta market in 2018 with the acquisition of a 240-unit community in Atlanta's I-20 West submarket. Citymark successfully exited the investment in May 2019, as part of a $138 million portfolio sale that included assets in Las Vegas and Phoenix.
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