Bay Harbor Islands-based real estate firm Atlantic|Pacific Companies said Monday that it has expanded its properties with the acquisition of six Class A multifamily communities, totaling 1,941 units, in Georgia and Texas. The total cost of the portfolio is more than $200 million, the company said.
The investment, made with Aventura-based Blue Arch Advisors as a minority partner, boosts A|P’s holdings in Georgia to more than 2,600 units in 10 communities, and its Texas investment to more than 2,300 units in seven communities.
The purchases also mark the company’s first investment in the Houston market, adding to its properties in Dallas, Austin and San Marcos, Texas. The deals all closed within the past three weeks, the company said.
The communities purchased include: Carrington Green and Villas at Southpoint, both in McDonough, Georgia; Harris Bridge Overlook in Dallas, Georgia; Shiloh Valley Overlook in Kennesaw, Georgia; Villas at West Road in Houston,Texas; and The Barons in the Dallas, Texas suburb of East Mesquite.
Atlantic|Pacific said its property leasing and management division, Atlantic|Pacific Management, will handle all the property management for the properties.
“A|P is extremely excited to add these quality assets to its growing portfolio,” said Mark Briggs, the company’s senior managing director, in a statement. “A|P continues its smart growth with over 5,500 units now acquired within the past three years.”
Atlantic|Pacific Companies is a fourth generation, family-owned real estate company operating in acquisitions; development; property leasing and management; affordable housing; and real estate advisory and asset management. The company currently owns or manages more than 23,000 residential units and more than 500,000 square feet of commercial space. — Ina Cordle