Diving overview:
Bisnow said Harbor Group International has assumed ownership of a massive Atlanta building in a South Buckhead neighborhood known for its billboards that display the city’s population in real time. A Norfolk, Virginia-based apartment owner took over a Twenty25 loft in a foreclosure sale valued at $92.5 million, Bisnow reported, citing real estate tracking firm Databank. Harbor lost ownership of the 623-unit property on Aug. 6 after foreclosing on a $104.7 million three-year variable-rate loan it had originated for its previous owner, Miami-based Westside Capital Group. took over.
Diving overview:
Westside Capital Group initially acquired Twenty25 Lofts from Atlanta-based Virden Capital Properties in 2022 for $136 million, according to a press release shared with Multifamily Dive at the time. In other words, each unit was purchased for approximately $218,000.
“Twenty25 Lofts is located in a prime location in an affluent residential area, within easy walking distance of approximately 4 million square feet of healthcare professionals, and close to Buckhead Village and Midtown amenities. is a unique apartment complex that offers a luxurious lifestyle at a relatively affordable price, with high rents compared to other options on the market,” Westside Founder and President Jakub Hale said in a release. Ta.
Varden bought the property from Atlanta-based TriBridge Residential in 2017 for $30 million, according to Rough Draft Atlanta, but renovated and rebranded the property in 2018, causing controversy. It is said that it was brewed. Until renovations were completed in 2021, this apartment community was known as The Darlington. Built in 1951.
Varden, which has developed a reputation for buying and renovating affordable housing developments, has given residents 60 days to vacate the properties, according to Rough Draft Atlanta. At the time, units in the building rented for $600 to $1,000, making it an affordable option in the upscale neighborhood.
In a release announcing the purchase, Westside highlighted that the 16-story building’s one-bedroom apartments range from 430 square feet to 600 square feet. Amenities include a 5,000 square foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog washing area, swimming pool, billiards and game room, office and meeting rooms, bike storage, putting green, and laundry. Included. Facilities include dry cleaning services, EV charging stations and 405 parking spaces.
Despite these features, the building’s occupancy has been problematic, with eviction holdouts and evictions due to rent increases plaguing the asset, according to Morningstar Credit data cited by Bisnow. The percentage dropped from 58% in July to 26% in March.
Rent in the building currently ranges from $1,195 to $1,800, according to Apartments.com.
