Blue Magma Residential has amassed 3,000 Atlanta-area value-add units since 2015 at a cost of over $133 million ($94 million in past year alone)
TAMPA, Fla. (March 14, 2019) – Stone Mountain, Ga.’s 224-unit Weatherly Apartmentstraded for $12.75 million to Blue Magma Residential, marking the company’s ninth Atlanta-area value-add apartment buy since 2015. The Tampa-based management company, through its affiliates, co-owns or manages over 10,000 apartment units in Georgia, Alabama, Florida and Mississippi. With this latest purchase, Blue Magma has amassed 3,000 Atlanta-area value-add units in less than four years at a cost surpassing $133 million ($94 million in past year alone).
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 its promising future. Accordingly, we are aggressively pursuing other value-add opportunities in the Atlanta market.” Representing Blue Magma’s second apartment community to date in Stone Mountain, the Weatherly Apartments will be rebranded and marketed as The Park at Greatstone. The property is located at 1700 Weatherly Drive off North Hairston Road and offers one- and two-bedroom units. Previously, Blue Magma acquired The Park at Stonehaven which is located at 1000 Hidden Chase.
With 96 percent occupancy at closing, the property will undergo $2.3 million of interior and exterior upgrades, Oded added. He said Blue Magma will completely renovate the pool, clubhouse, business center, fitness center, gate system and more. Also to be included, Oded continued, will be Blue Magma’s signature interior upgrades such as European-syle lighting fixtures, two-tone paint, USB ports and much more.
Financing was provided through Meridian Capital Group, and the transaction was brokered by Greystone Brown Real Estate Advisors, Atlanta. MSC Investments LLC was the seller.
Other 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 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.
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