TAMPA, Fla. (December 19, 2018) – On December 13, Tampa-based Blue Magma Residential LLC purchased the $21 million, 294-unit Shannon Lake Apartments in Union City, Ga., its eighth Atlanta-area apartment community buy since 2015. The buyer, Carolyn at Shannon Lake LLC, is an affiliate of Blue Magma, a Tampa-based management company that, through its affiliates, co-owns or manages over 10,000 apartment units in Florida, Alabama, Georgia, and Mississippi. In making the announcement, Reuven Oded, Managing Partner of Blue Magma, stated, “This acquisition is our fourth LIHTC (Tax Credit) deal in the past twelve months. We feel this segment of multifamily has gained greater appeal and value in the past couple of years especially in view of the hyped multi-market rental segment. 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.”
Located at 6770 Buffington Road, the community is part of Blue Magma’s 2,700 unit Atlanta-area portfolio now representing an investment surpassing $120 million, including $81 million and 1,212 units in the past year alone, according to Oded. With 96 percent occupancy at closing, the property offers one-, two- and three-bedroom units and is near the Amazon Distribution Center, the Procter & Gamble Distribution Center, Atlanta Metro Studios and more. Continuing, Oded added, “Additionally, we will invest approximately $1.5 million into exterior and interior upgrades at the property which will be re-branded and marketed as The Park at Netherley. Included will be a state-of-the-art clubhouse, fitness center, internet café, as well as exterior painting, tropical landscaping, electronic gating, upgraded lighting, and children’s play area.”
Financing was provided by Pembrook Capital Management, and the transaction was brokered by David Wagner of CBRE, Atlanta. Alden Torch Financial was the seller.
Other Atlanta-area communities owned or managed by Blue Magma Residential include: The Park at Morella in Union City, The Park at Arlington in Covington, The Park at Castleton in Atlanta, The Park at Edinburgh in Lithonia, The Park at Leeds and The Park at Palatine in College Park, and The Park at Stonehaven in Stone Mountain.
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.