Berkshire Property Holdings has acquired two multifamily communities totaling 631 units in Texas and Georgia. The company purchased Alexandria Landing, a 472-unit asset in College Park, Ga., from ARIAM Partners, and in a separate transaction, acquired Desert Peaks, a 159-unit property in El Paso, Texas, from PEM Real Estate Group. Sales prices were not disclosed.
“We are very excited to add two institutional quality assets like Alexandria Landing and Desert Peaks to our portfolio,” said Zamir Kazi, CEO of Berkshire Property Holdings, in prepared remarks. “These represents our first acquisitions in Texas and Georgia, and they are very well located to capitalize on the continued strength and growth of both states.
Alexandria Landing offers a mix of one-, two- and three-bedroom units averaging 968 square feet. The community is located about 12 miles from downtown Atlanta and 5.5 miles from the Hartsfield-Jackson Atlanta International Airport. Additionally, the property is situated close to interstates 85 and 285. Common amenities at the property include a tennis court, basketball court, playground, swimming pool and 1,000 parking spaces.
Desert Peaks comprises a mix of one-, two- and three-bedroom units averaging 834 square feet. The community is located near several dining and shopping options and offers convenient access to State Highway 20 and Interstate 10. Resident amenities include a community room, basketball court, swimming pool and 193 parking spaces.
Greystar recently acquired a 437-unit Atlanta-area community for $60 million.
Images courtesy of Yardi Matrix