DALLAS, Ga. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit single-family, built-to-rent, active adult community located in the Atlanta suburb of Dallas.
Russ Hardy of Berkadia Atlanta and Brooks Minford and Simona Wilson of Berkadia Seniors Housing & Healthcare completed the $47.8 million sale on behalf of the seller, Georgia-based Highlands Residential. The buyer was South Carolina-based Blaze Partners.
Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and barbeque area. The property is near Wellstar Paulding Hospital, AMC Hiram 14, Lost Mountain Park and many shops and restaurants.
“Hardy Springs is an exceptional single-story asset in a highly desirable suburban location surrounded by affluent residential neighborhoods, expansive retail, lifestyle destinations and exceptional healthcare services,” says Hardy. “The unique, low-density design of single-story units with garages really resonated with renters in the active adult demographic and the property experienced an exceptional lease-up with significant rent growth. 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.”
John Bray, also from Berkadia Atlanta, secured permanent acquisition financing on behalf of the buyer. The loan was financed through Fannie Mae. The amount was not disclosed.