MALVERN, Pa.--(BUSINESS WIRE)--Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, today announced the acquisition of three apartment communities located in the Atlanta, Georgia suburbs, totaling 882 units and encompassing 91 acres. The ‘Evergreen Portfolio’ properties were acquired as part of a joint venture with Torchlight Investors.
With the acquisition, Balfour Beatty Communities expands its Georgia footprint to ten properties and more than 6,500 units. The well-positioned Evergreen Portfolio apartments serve the Atlanta metropolitan area’s vibrant southwest suburbs with close proximity to the Hartsfield-Jackson Atlanta International Airport.
- Evergreen Commons, located in Union City, GA, includes 328 units built in 2001 and 2004. The gated community offers 1, 2 and 3-bedroom apartment homes and amenities that include a pool, fitness center, playground, tennis and other sport courts.
- Evergreen Park consists of 310 units located in Fairburn, GA. Built in 2005, this gated community features 1, 2 and 3-bedroom apartment homes and amenities that include indoor/outdoor pools, tennis court, putting green and playground.
- Evergreen Terrace is also located in Fairburn, GA and consists of 244 units built in 2009. The gated community offers 1, 2, 3 and 4-bedroom apartment homes and indoor/outdoor pools, tennis court, bowling alley and playground.
"The Evergreen Portfolio acquisition reflects our ongoing strategy to grow and diversify our portfolio in high-growth U.S. Sun Belt markets,” said Chris Williams, president of Balfour Beatty Communities. “With demand on the rise stemming from the area’s steady job growth, we are excited about the potential for these properties and look forward to bringing improvements in both quality and service to residents."
“We are excited about this acquisition as we believe it is positioned to benefit from positive growth trends in the Atlanta suburbs and from a well-designed capital improvement plan to be implemented by our experienced partner,” said Henry Gom, senior vice president of Torchlight Investors.
Balfour Beatty Communities will self-perform property management services through its Multifamily Division and will invest in a series of capital improvements to the properties, including both interior and exterior upgrades.
About Balfour Beatty Communities
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.
Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.
About Torchlight Investors
Torchlight Investors is an independent investment advisor, focused on commercial real estate investments. Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments. Torchlight has over $4.0 billion of assets under management. Torchlight’s affiliate, Torchlight Loan Services, is the named special servicer on $16.1 billion in CMBS and manages over $907 million of distressed commercial real estate loans.