Blue Magma Residential has now invested over $100 million in the Atlanta market since 2015; $60 million since December 2017. This latest portfolio buy represents its fifth, sixth and seventh Atlanta-area community totaling nearly 2,500 units
TAMPA, Fla. (April 17, 2018) – An affiliate of Tampa-based Blue Magma Residentialclosed a $44.4 million, 918-unit apartment portfolio near Hartsfield-Jackson Atlanta International Airport, surpassing $100 million invested in the Atlanta market since 2015. In making the announcement, Blue Magma’s Managing Partner Reuven Oded confirmed its purchase of three value-add communities: the $18.2 million, 384-unit Lakeview Trails, a market rate property in College Park; plus the $17.8 million, 324-unit Preserve at Bent Creek and $8.4 million, 210-unit Epic Brookside tax credit properties in Atlanta and College Park, respectively. Now having amassed nearly 2,500 units locally, its latest portfolio buy represents its fifth, sixth and seventh Atlanta-area communities acquired since 2015, Oded added. Conveniently located just one to three miles from Hartsfield-Jackson Atlanta International Airport, Epic Brookside and Lakeview Trails are located at 5720 and 5724 Riverdale Road in College Park, and Preserve at Bent Creek is located at 1994 Bent Creek Way in Atlanta. Representing a price per unit of $48,365, the communities will undergo more than $6 million in exterior and interior upgrades according to Oded. Epic Brookside will be re-branded and marketed as The Park at Leeds, and Lakeview Trails will be marketed as The Park at Palatine. The Preserve at Bent Creek will become The Park at Castleton.
Elaborating, Oded stated, “Blue Magma Residential is continuing in its deliberate strategy of acquiring value-add properties in the Southeast U.S. where employment, household, demographic growth and corporate relocations are all solid and trending upwards.” A leading investment and management company, Blue Magma Residential now co-owns or manages, through its affiliates, over 10,000 apartment units in Georgia, Alabama, Florida and Mississippi.
The portfolio was purchased by an affiliate of Blue Magma Residential together withMontreal-based Rosdev Group, Blue Magma’s capital partner in the communities. Financing was provided by Arbor Realty Trust, and the transaction was brokered byCushman & Wakefield. VCP was the seller.
“As evidenced in this transaction,” Oded added, “Blue Magma Residential is alsoexpanding our strategic move into the Lower Income Housing Tax Credit (LIHTC) segment of the market. With our acquisitions of Epic Brookside and Preserve at Bent Creek, plus our December 2017 purchase of Orchard Cove in Covington, Ga., we feel there is a growing opportunity, and frankly a void, in this under-serviced and under-appreciated segment. 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.”
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.
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