Blue Rock Partners acquired a 1,522-unit residential portfolio for $78.3m. The properties are located in Georgia, Mississippi and Alabama. The portfolio includes the 184-unit Madison Square in Dothan, Alabama; the 324-unit Preserve at Bent Creek in Atlanta; the 384-unit Lakeview Trails and the 210-unit Epic Brookside in College Park, Georgia; the 188-unit Orchard Cove in Covington, Georgia; and the 232-unit Gardens of Canal Park in Robinsonville, Mississippi. Cushman & Wakefield’s Atlanta office represented the seller, Varden Capital Partners.
“By repositioning these assets after a bulk purchase and proving out a value-add program, Varden Capital Partners was able to make healthy profits for their investors. By only renovating a small sample of units, they left a great value-add path ahead for Blue Rock, which is the exact opportunity they are seeking in the Southeast,” said Tyler Averitt, executive managing director and partner at Cushman & Wakefield.
