NoVA firm drops $91 million in Georgia
A Northern Virginia company has closed on a deal for a number of apartment communities in Georgia.
Vienna-based Middleburg, a multifamily investment, development and management firm, announced last week it had closed the Middleburg Workforce Housing Fund with the $91 million acquisition of three apartment communities in Atlanta.
The properties are: a 220-unit community called The Grove at 5100 Welcome All Road; a 438-unit community called Park at Bouldercrest at 26 Bouldercrest Lane, SE; and a 298-unit community called Majestic Park at 1991 Delowe Drive, SW.
The Grove and Park at Bouldercrest were vacant at the time of the announcement. Majestic Park was 15% occupied.
Middleburg said it plans to renovate the properties to improve the housing quality, improve energy efficiency and maintain affordability for residents. The company plans to introduce community programs for residents.
KeyBank Real Estate Capital Community Development Lending and Investment and Capital Bank are providing construction financing for the Atlanta properties.
The Middleburg Workforce Fund was announced in January. It launched with the contribution of a previously acquired property in Kentucky. The fund deployed about $120 million in the four properties including debt.
“Vacant properties in disrepair are magnets for crime and unsafe for the few residents actually living there,” said Middleburg managing partner Chris Finlay in the announcement. “Our holistic approach will transform these properties and also the surrounding communities.”