GRS Group recently provided transaction services on the acquisition of 11 apartment communities located across five cities in Georgia for $202.5 million. The seller was Savannah-based Kole Management.
The buyer, GRS Group’s client, Carter Multifamily, will undertake a capital improvement program that will upgrade the properties’ unit interiors and amenity space. In announcing the value-add deal, the joint venture cited the strong job growth that is occurring throughout Georgia and the limited supply of quality workforce housing as the key driving forces behind the acquisition.
The portfolio totals 1,966 units. Three of the properties (438 units) are in Savannah, three communities (382 units) are in Garden City, three properties (716 units) are in Macon. The remaining two properties are in Canton and Augusta.
GRS Group services included Property Condition Assessments, Phase I, and Survey. GRS Group senior vice president, Jeff Coyne, spearheaded the services package.