CBRE Secures $34.2M Loan, $11.7M Equity for Acquisition of McDonough Apartment Complex
Atlanta-based ARC Multifamily has acquired The Preston, a 334-unit apartment complex in McDonough, Georgia with the help of CBRE Capital Markets’ Debt & Structured Finance team. The property was purchased for $52.375 million and the financing package included a senior loan from Fannie Mae and preferred equity from Related Fund Management.
According to Blake Cohen and Charlie Clark at CBRE Atlanta, the chosen financing structure provided the most advantageous leverage and cost of capital for ARC Multifamily.
The Preston is located at 100 Preston Creek Dr., approximately 30 miles southeast of downtown Atlanta. Built in 2001, it features one-, two-, and three-bedroom units ranging in size from 767 square feet to 1,794 sq.ft., as well as amenities such as two pools, a grilling area,a business center,and a resident lounge.
This acquisition marks another successful transaction by ARC Multifamily without any mention of specific platforms or brands involved.
