The residential arm of Songy Highroads has purchased the Arlowe Townhomes multifamily community, the firm announced this month. It’s the fifth apartment investment Songy Highroads has made in Metro Atlanta in less than a year as multifamily continues to outperform other segments of the commercial real estate market.
Arlowe Townhomes is located in the Cumberland Galleria submarket, at 1898 Spring Road, in the Atlanta suburb of Smyrna, which is just down the street from The Battery Atlanta entertainment and dining district, and Truist Park which is the home of the Atlanta Braves.
CBRE’s Vice Chairman Kevin Geiger represented the seller in the deal. The terms of the transaction were not disclosed.
“The Arlowe Townhomes community is an excellent fit for our growing Atlanta multifamily portfolio,” Foster Durkee, who was recently promoted to Principal and Head of Acquisitions at Songy Highroads, said in the announcement. “[Songy Highroads] was attracted to Arlowe’s strong location and unique 100 percent townhome floor plans, and with our ‘heavy value-add’ strategic capital plan, we see significant potential upside for Arlowe given the strong demand for renovated product we are seeing within our existing Atlanta portfolio.”
Originally built by Post Properties in 1975, Arlowe Townhomes features 148 units that are all townhome product. The property is 100 percent leased and was recently renovated to include new roofs, new windows, Hardiplank siding, and a new clubhouse amenity package that includes a workout facility.
Songy Highroads will invest “a substantial amount” of capital to upgrade the unit interiors to feature top-of-the-market finishes and appliances, according to the announcement. Songy Highroads also will look to improve the community’s amenity package, including a potential overhaul of the community’s pool area with new grills and a “cook shack,” outdoor fire pits, a pickleball court, privacy fencing, and enhanced landscaping.
“Given the positive tailwinds for the Atlanta multifamily market, [Songy Highroads] is bullish on continued demand and upside in value-added plays and is actively seeking additional investments in the sector for quality properties in attractive high-growth neighborhoods,” according to the announcement. The company has acquired three other multifamily communities in metro Atlanta in the past year and is actively planning the design and development of a Class A ground-up apartment complex with restaurants and retail on Howell Mill Road in Atlanta’s thriving West Side neighborhood.