Multifamily investor AH Capital has closed the $21.7 million sale of University Oaks, a 500-unit multifamily asset within walking distance of the University of Georgia in Athens, GA.
The 36-acre, off-campus student housing community is located on the main thoroughfare leading to the university and is surrounded by some of the best commercial and retail developments in Athens.
The property was sold — in an off-market, all-cash deal — to Asia Capital Real Estate, a private investment firm with offices in the U.S. and Singapore. Robert Stickel of Cushman and Wakefield represented AH Capital.
The company acquired the distressed and underperforming property in December 2012. Through careful improvements and on-site leasing and management by Sycamore Property Management, a division of AH Capital, the property's occupancy increased to 93%.
"This is a well occupied, cash flowing asset with tremendous upside potential," said Daniel Alexander, founder and owner of AH Capital. "Our buyer was excited about the opportunity to purchase this property, which offers large economies of scale as well as potential future redevelopment in a premier submarket," he added.
AH Capital plans to continue expanding and upgrading its multifamily real estate presence, primarily through apartment, condo and townhome acquisitions, throughout Metro Atlanta and the Southeast.
Founded in 2010, AH Capital is a leading investor in residential and multifamily property whose national reach includes operations in Los Angeles and Atlanta. To date, the firm has successfully redeveloped some $71M of distressed residential assets in some of the hardest hit foreclosure markets in Los Angeles and more than $160M of distressed multifamily assets in Atlanta where it currently owns and operates a portfolio in excess of 2,400 units.