Baltimore, MD – Alex. Brown Realty (ABR) and Atlanta-based Songy Highroads have acquired two multifamily communities totaling 108 units in Buckhead’s Upper Westside neighborhood. ABR Chesapeake Fund VI, a value-added real estate fund sponsored by ABR, has committed $7 million to the joint venture. The sellers of both assets were represented by Chris Cain, John McCalla, and Mason Taylor of Marcus & Milichap.
The adjacent properties are located at 2100 & 2113 Defoors Ferry Avenue near Collier Village, West Midtown, The Works, Westside Village and Peachtree Road with easy access to I-75 and
“We see significant potential upside in these properties which we plan to unlock with our specific, targeted capital plan that we feel can dramatically improve the renter experience by upgrading unit interiors, adding shared amenities, and improving the curb-appeal of the assets,” said Foster Durkee, SVP and Director of Acquisitions for SHR. “Additionally, by combining two adjacent properties which were owned and managed separately, we expect to be able to gain immediate operational efficiencies by running them together as one asset in order to execute our value-add business plan.”
“Songy has a successful track record in Atlanta, and we are pleased to be partnering with them on this deal,” said Tom Burton, senior managing director and CIO of ABR. “Given their experience and the solid fundamentals in Atlanta’s multifamily market we expect the portfolio to generate a favorable return to our investors.” The acquisition represents the first joint venture between ABR and Songy Highroads.
Alex. Brown Realty (ABR) is an independent real estate investment manager specializing in value-add, opportunistic, and core-plus investments in the middle market. The firm was founded in 1972 by the partners of Alex. Brown & Sons, a Baltimore-based investment bank organized in 1800. Since the inception of the firm, ABR has acquired over $4 billion of assets, representing nearly 400 transactions. ABR has sponsored five real estate funds and is currently marketing its sixth fund. The firm is an SEC-registered investment advisor. www.abrealty.com
Songy Highroads (SHR) is a commercial real estate firm that acquires, renovates, develops, and manages institutional quality real estate projects primarily throughout the Southeastern United States. SHR targets particular emphasis in the office, hotel, and mixed-use sectors. www.songyhighroads.com