RA Capital Partners has acquired Harlow, a new multifamily property in Smyrna, Ga., a suburb of Atlanta. Built last year, the community was sold by South City Partners, which was represented in the early January transaction by Cushman & Wakefield.
Situated at 2100 Cobb Parkway in Smyrna, Harlow is a 303-unit apartment community featuring one- and two-bedroom apartments ranging from 743 to 1,148 square feet in size. Apartments feature air conditioning, disposals, dishwashers and microwaves. A pet-washing station ranks among the higher-profile common-area amenities within the more than 6,000 square feet of amenity and resident activity space.
Forward sale
“Harlow was a forward sale, where the buyer and seller initiated the transaction early during construction with a closing to occur once the property had received its certificate of occupancy and was eligible for permanent financing,” Alex Brown, executive managing director at Cushman & Wakefiled, told Multi-Housing News. “This prolonged escrow period coincided with a turbulence in the capital markets environment, driven primarily by interest rate volatility.
“During the longer escrow period, we believed it was important for both parties to continue working towards the common goal of a successful closing. This involved creating transparency and an active dialogue between buyer and seller. We also worked closely with on-site management to raise rental rates to offset movement in the debt markets. Another hurdle was supply chain challenges with certain key components and the developer was resourceful with insuring delivery timing was not impacted.”
The location of Harlow provides residents with access to The Battery, one of the Atlanta area’s leading entertainment districts and home to Major League Baseball’s Atlanta Braves and near appealing outdoor attractions, such as Chattahoochee River National Recreation Area, the Silver Comet Trail, Sandy Springs Historic Site and Chastain Park, all located within 8.8 miles or an 8- to 19-minute drive. Last month, a Vista Residential Partners joint venture broke ground on an Atlanta-area community.
