ATLANTA, GA – An affiliate of Blue Magma Residential LLC purchased the 360-unit Park at Hairston Apartments in Stone Mountain, Ga., for $22.3 million, marking its 11th Atlanta-area apartment acquisition. Now with nearly 4,000 Atlanta-area units, Blue Magma’s local buying spree has accelerated to over $150 million invested in the past 18 months alone, and comes just weeks after its $32.5 million purchase of Parkside at Camp Creek, a 486-unit community in East Point. Blue Magma Residential, 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, stated, “This acquisition is our fifth LIHTC (Tax Credit) deal in the past 20 months. We feel strongly that this segment of multifamily has gained greater appeal and value in the past couple of years. While the Tax Credit segment of residential real estate is underserved and underappreciated by most market participants, we feel this is one of the most promising segments of the market. This is especially true, I believe, for companies like Blue Magma Residential where customer service and focus on excellence are core values of our business model.”
Elaborating, Oded added, “We at Blue Magma are especially bullish on the Atlanta MSA and we are aggressively pursuing other tax-credit and value-add opportunities in the Atlanta market.”
Oded added that Park at Hairston, located at 1038 S. Hairston Road just east of I-285 and Covington Highway, will be re-branded and marketed as The Park at Carrigan. Offering one-, two- and three-bedroom units, the 15-acre, 25-building property registered 95 percent occupancy at closing and will undergo approximately $2.9 million of interior and exterior upgrades, said Oded.
The transaction was brokered by Paul Vetter of Berkadia, Atlanta. Financing was provided through Greystone.
The other ten 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 Galaway in East Point; 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