ATLANTA, GA – The Aerotropolis/South Atlanta submarket’s 486-unit Parkside at Camp Creek apartment community, located in East Point, was purchased for $32.5 million by an affiliate of Tampa-based Blue Magma Residential LLC. Marking its tenth Atlanta-area apartment buy totaling 3,500 units, Blue Magma’s local buying spree now totals over $127 million in the past 18 months for a total investment of more than $166 million plus improvements. The management company, through its affiliates, co-owns or manages over 10,000 apartment units in Georgia, Alabama, Florida, Mississippi, Tennessee and Texas.
In making the announcement, Reuven Oded, Managing Partner of Blue Magma Residential, stated, “We at Blue Magma are especially bullish on the Atlanta MSA and we are aggressively pursuing other value-add opportunities in the Atlanta market.” In addition, Oded cited Atlanta’s rankings as the #1 Most Affordable Big City and #1 Moving Destination in the Nation according to WalletHub and Penske, respectively, in 2018.
Oded added that Parkside at Camp Creek, located at 4031 7 Oaks Lane SW near Camp Creek Parkway and I-285, will be re-branded and marketed as The Park at Galaway. The 40-acre property offers two- and three-bedroom units just minutes away from Camp Creek Marketplace, Hartsfield-Jackson Atlanta International Airport and downtown Atlanta. With 95 percent occupancy at closing, the property will undergo approximately $5 million of interior and exterior upgrades, said Oded.
The transaction was brokered by Tyler Averitt and Christopher Lyon of Cushman & Wakefield, Atlanta. Financing was provided through Greystone Capital.
The other nine Atlanta-area communities owned or managed by Blue Magma Residential include: The Park at Castleton in Atlanta; The Park at Leeds and The Park at Palatine in College Park, The Park at Arlington in Covington, The Park at Edinburgh in Lithonia; The Park at Greatstone and The Park at Stonehaven in Stone Mountain; and The Park at Morella and The Park at Netherly in Union City.
To learn more about Blue Magma Residential, including its third-party management services, contact Reuven Oded at (813) 620-0800.
Blue Magma Residential’s headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla. Visit Blue Magma Residential’s website at www.bmresidential.com