Viking Capital has acquired Dawson Forest, a 268-unit value-add multifamily community located outside of Atlanta for $52 million. The company plans to implement renovations on 68% of the units, which is expected to result in a potential upside of $548,000. Additionally, Viking notes that the property currently has below-market average rents and boasts a high occupancy rate of 95%. This acquisition marks Viking’s 26th successful investment.
Public records reveal that Walker & Dunlop provided a $35.2 million Freddie Mac acquisition loan for this transaction with an attractive fixed rate of 5.65%. The loan is set to mature in 2029.
According to data from Yardi Matrix, the previous owners were REM Finance, Archway Equities, MAC Multifamily Investments MB Capital Assets and Silver Creek Development – all part of a joint venture group who purchased the property for $30.2 million back in2015.
Viking prides itself on its investment strategy which focuses on identifying low-risk opportunities with significant value-add potential while ensuring capital preservation and maximizing long-term growth prospects for investors.
