CiTYR Group (CiTYR) has acquired LaVista Crossing, a 240-unit apartment community in the Tucker submarket of Atlanta for an undisclosed purchase price, it was announced by Irwin Boris, CiTYR's chief investment officer.
A three-year, $19.5 million bridge loan with KeyBank Real Estate Capital (KBREC) was arranged by Eastern Union Funding senior managing director Michael Muller on behalf of the New Jersey-based investor.
"KeyBank is pleased to facilitate CiTYR Group's acquisition of LaVista Crossing," said Alan Isenstadt, VP & Sr. Relationship Manager, KBREC. "Given CiTYR's experience and success in the field, we believe this transaction aligns with KeyBank's strategy to provide financing to long-term owners and investors of commercial real estate across the U.S."
“CiTYR Group is particularly bullish on Atlanta,” stated CiTYR CEO Michael Sabo. "We acquired 392 units at Amber Place in nearby Warner Robbins this summer, are in advanced negotiations on three additional Atlanta-area properties, and have an endless capacity for acquiring the right opportunities.”
“CiTYR made an investment in an irreplaceable location on Lavista Road in walking distance from Northlake Mall, which is about to see a major renovation," said Barden Brown, managing director with Greystone Brown Real Estate Advisors, who represented the seller with Walter Miller and Chandler Brown. "The entire area is seeing a true renaissance and LaVista Crossing is one of the few assets in this submarket that has not seen an interior renovation. It is well positioned to benefit from a value-add strategy.”
“We will embark on a major renovation with upgrades to the resort-style amenities, starting with a new 24-hour-access clubhouse featuring a state-of-the-art fitness center, kids club, great room and media center,” said Mr. Boris. “Outdoor upgrades will include new cooking facilities, sport courts and expanded pool areas.”
Atlanta-based CFLane LLC, a subsidiary of Cocke Finkelstein, Inc., was selected to oversee management of the apartment community.
About CiTYR Group
CiTYR Group is a New Jersey-based property investor with offices in London and Israel. It currently owns approximately 4,800 multifamily units across the United States, focusing on properties that specifically target families.
