Songy Highroads, an Atlanta-based commercial real estate development, and investment firm, has acquired a two-asset value-add apartment portfolio in the Upper Westside, according to an announcement this week.
Songy Highroads coordinated a simultaneous closing with two separate sellers on the adjacent properties, 2100 and 2113 Defoors Ferry Avenue. The firm did not disclose the sellers or reveal its plans for the garden-style apartment complexes.
The acquisition was part of a joint venture with Baltimore-based Alex Brown Realty, Inc., a privately-owned real estate investment management firm.
“We view the location of these dynamic, walkable assets as extremely attractive, and we are excited to add the Defoors Apartments to our growing Atlanta-area multifamily portfolio,” Foster Durkee, SVP and Director of Acquisitions for Songy Highroads, said in the announcement.
The sellers of both assets were represented by Chris Cain, John McCalla, and Mason Taylor of Marcus & Millichap.
“We see significant potential upside in these properties which we plan to unlock with our specific, targeted capital plan that we feel can dramatically improve the renter experience by upgrading unit interiors, adding shared amenities, and improving the curb appeal of the assets,” Durkee said. “Additionally, by combining two adjacent properties which were owned and managed separately, we expect to be able to gain immediate operational efficiencies by running them together as one asset in order to execute our value-add business plan.”
The Songy Highroads team also recently acquired a nearby, three-acre site at 1850 Howell Mill, which is less than a mile east of the Defoors Apartments, with plans for a mixed-use development with more than 200 apartments.
Additionally, in mid-2021, the firm closed on Biscayne Apartments, a 370-unit property located in South Fulton which it is in the process of renovating currently.
“Investing in apartments throughout the Atlanta area continues to be a strategic focus for SHR and we look forward to continuing to strengthen our multifamily platform with quality assets in central locations which we think have operational upside,” Durkee said.
