Dealmaker: Berkadia Completes $48M Apartment Community Sale

(Hardy Springs, Dallas, Ga.)

Berkadia Institutional Solutions sold Hardy Springs, a 149-unit single-story 55-plus apartment community in suburban Atlanta.

Managing Director Russ Hardy of Berkadia Atlanta and Directors Brooks Minford and Simona Wilson of Berkadia Seniors Housing & Healthcare completed the $47.75 million sale for seller Highlands Residential, Atlanta.

South Carolina-based Blaze Partners acquired the property on October 20.

“The unique, low-density design of single-story units with garages really resonates with renters in the 55-plus active adult demographic, and the property experienced an exceptional lease-up with significant rent growth,” Hardy said. “The continued explosive growth in the 55-plus demographic for northwest Atlanta, along with the niche product offering, will continue to benefit the property and the new owner.”

Senior Managing Director John Bray, also from Berkadia Atlanta, secured Blaze Partners’ acquisition financing through Fannie Mae, Washington, D.C.

“With many banks and debt funds exiting the debt markets, Fannie Mae continues to step up and provide liquidity and stability to their clients in undeniably tough market conditions,” Bray noted.

Located at 705 Charles Hardy Parkway in Dallas, Hardy Springs has one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies.