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Citymark Capital, in partnership with InterCapital Group, has acquired a two-property, 554-unit Evergreen apartment portfolio in the Atlanta suburb of Fairburn, Georgia for $69.4 million. The acquisition of the Evergreen portfolio represents Citymark’s 12th transaction since its inception in 2015, bringing total units acquired to 3,345 and approximately $513 million of gross asset value.

The 310-unit Evergreen Park and 244-unit Evergreen Terrace are gated, garden-style communities, located approximately five miles apart in Fairburn, a bedroom community 17 miles south of downtown Atlanta.  Evergreen Park and Evergreen Terrace, built in 2002 and 2008 respectively, include a mix of one, - two- and three-bedroom apartment homes. Evergreen Terrace also offers a four-bedroom floor plan. The amenity rich communities feature swimming pools, tennis courts, outdoor grilling areas, putting green, children’s playgrounds and fitness centers. The portfolio was 95 percent occupied at closing.

Both communities were institutionally owned, and the joint venture will continue the seller’s capital improvement program upgrading un-renovated units across the portfolio with new flooring, appliances, hard surface countertops, hardware and lighting. All common areas also will be upgraded and pet and leisure amenities will be added.   

“Atlanta’s strong job growth, which is expected to continue for the next decade, has fueled rental demand, particularly in the moderately priced submarkets like South Fulton County,” Citymark Founder and CEO Daniel Walsh said in a statement.

“Leveraging on our partner’s experience and economies of scale, where they own and operate more than 5,500 units in the Atlanta metro, we plan to create housing environments that our tenants will be proud of, while at the same time generating attractive risk adjusted returns for our institutional investors.”

Citymark entered the Atlanta market in 2018 with the acquisition of a 240-unit community in Atlanta’s I-20 West submarket. It successfully exited the investment last May as part of a $138 million portfolio sale that included assets in Las Vegas and Phoenix.  
 
The Atlanta-based CBRE team of Kevin Geiger, Paul Berry, Malcom McComb, Shea Campbell, Ashish Cholia and Colleen Hendris represented both parties in the transaction.
 
Citymark Capital is a national real estate private equity fund manager that invests in market-rate, institutional-quality multifamily rental properties in top U.S. markets.