Atlanta-based investor ARC Multifamily has acquired The Preston, a 334-unit apartment community in McDonough, for $52.4 million. The identity of the seller remains undisclosed.
Built in 2001, The Preston encompasses 42 acres and features a range of one-, two-, and three-bedroom units, with sizes from 767 to 1,794 square feet. The community offers amenities such as two swimming pools, a grilling area, a business centre, and a resident lounge.
The acquisition was financed through a $34.2 million senior loan secured by Fannie Mae and an $11.7 million preferred equity investment provided by Related Fund Management. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team represented ARC Multifamily in the transaction.
“We enjoyed working with the ARC team again as they expand their footprint in the Southeast,” stated Blake Cohen in a press release. “We evaluated various financing options, and the senior loan coupled with preferred equity proved to be the most effective in terms of leverage and cost of capital.”
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By Proptechbuzz
By Ravi Kumar
