Alpharetta-based developer Songy Highroads has acquired the 370-unit Biscayne Apartments community in South Fulton, it said last week.
The deal, which was for an undisclosed price, also involved TEP Biscayne LP, an affiliate of New York company Tusk Equity Partners. The company had purchased the 26-acre, 1970s-era property in 2018 for about $23.6 million, according to Fulton County property records. The property’s address is 5401 Old National Highway, about half a mile outside of College Park and about two miles from the Hartsfield-Jackson Atlanta International Airport.
“Biscayne fits firmly within our strategic profile in that it is a well-located asset within a growth submarket in need of significant capital improvements,” SHR Senior Vice President and Director of Acquisitions Foster Durkee said in a statement.
“We will look to add immediate value through a targeted renovation program to enhance unit interiors, and we have a detailed plan to improve the common area and amenity offerings to boost the overall renter experience for the residents.”
Biscayne Apartments contains townhome floor plans and features studios through three-bedroom units.
It will be managed by Cushman & Wakefield, according to Songy Highroads’ announcement last week.
Songy Highroads said the acquisition is an example of the company’s ongoing bullishness for the Atlanta market.
“Coming out of the other side of the pandemic, we have seen it become one of the nation’s top technology hubs, and we believe the population and job growth in the city are poised to accelerate even further,” Durkee said.