Balfour Beatty Communities today announces the sale of three multifamily properties located just outside of Atlanta, GA—Evergreen Commons, Evergreen Park and Evergreen Terrace. The Company acquired the 882-unit portfolio with Torchlight Investors in 2017 and provided property management services for the properties during its ownership. CRBE represented the Balfour Beatty and Torchlight in the sale.
“We’re very pleased that the apartment renovations, community improvements and professional management services we brought to the Evergreen properties over the last two years positioned them as a highly competitive option within the greater Atlanta apartment market,” said Mike Price, SVP, Balfour Beatty Communities. “The properties were renovated from the inside out, from pool area and clubhouse renovations, to interior upgrades including new cabinetry, flooring and countertops.”
This most recent sale is consistent with Balfour Beatty Communities’ strategy to acquire value-add residential assets that allow our in-house renovations and operations teams to make capital improvements and elevate property performance to more effectively compete with top-tier communities in the marketplace.