Hidden Cove is strategically located 7 miles from downtown Atlanta and 7 miles from Hartsfield Airport (the busiest airport in North America and major logistics hub). The 12 acre, 164 Unit property is ideally situated in proximity to the redevelopment of Fort McPherson, a 145-acre portion of thedecommissioned U.S. Army military base. The first phase ofthe redevelopment of which is to include 1.2M SF, valued at $240M of the total estimated $700M build-out of the project, with plans for restaurants, retail, more than 2,000 housing units, and a 200K SF office building. In addition, Hidden Cove is surrounded by beautiful greenspaces and the multi-million-dollar upgrades to the close-by Campbellton Road Smart Transit Corridor. Immediately behind the property, development has begun on phase one of a best in class senior living facility, with phase 2 promising to bring higher end retail and residential developments.
Live Better at Maple Lake (Maple Lake) is a 104-unit asset spread across 10 acres in the Atlanta suburb of Forest Park, Georgia.
Located in one of the highest rent growth submarkets in Atlanta, Maple Lake presented Sarmaya with a unique value-add opportunity in Forest Park. The 104-townhome community is located minutes away from Hartsfield-Jackson International Airport, I-285, and Atlanta’s central business district. The property is one of the closest townhouse-style communities to the Fort Gillem Logistics Centre and Clayton State University.
Most importantly, Maple Lake is located 3 miles east of Hartsfield-Jackson International Airport. The northern part of Clayton County is dominated by Hartsfield- Jackson Atlanta International, the world’s busiest passenger airport (111 million passengers in 2019). More than 64,000 people are employed by various entities on its 4,700-acre campus, making it Georgia’s largest employment hub. Its annual economic impact in 2014 was estimated at $64 billion. “Hartsfield” recently completed a $9 billion expansion of its passenger and cargo capacity, which has proven to pick up the slack in passenger numbers during the Covid-19 pandemic.
Sarmaya Capital Real Estate Fund II raised $3,700,000 in equity at a price of $1,000 per Class A unit and secured a total debt amount of $6,300,000, through a bridge loan. The purchase price of the asset was $7,020,000 with a capital expenditure program, costs and reserves of $3,000,000. Upon acquisition, Sarmaya’s strategy is to improve the property’s operations and net operating income through an extensive capital improvement program that will repair, add or improve amenities, upgrade select units and enhance the property’s curb appeal.
Live Better at Stonegate Townhomes
Live Better at Stonegate Townhomes (Stonegate) is a 114-unit asset spread across 12.6 acres in the Atlanta suburb of Riverdale Georgia.
Located in one of the highest rent growth submarkets in Atlanta, Maple Lake presented Sarmaya with a unique value-add opportunity in Forest Park. The 104-townhome community is located minutes away from Hartsfield-Jackson International Airport, I-285, and Atlanta’s central business district. The property is one of the closest townhouse-style communities to the Fort Gillem Logistics Centre and Clayton State University.
Stonegate Townhomes were built in 1978 and represent an opportunity to acquire one of the only townhouse-style apartment complexes in Riverdale. Tenants enjoy large One, Two and Three-bedroom floor plans in a quiet community on a 12.69 acre lot.
Sarmaya Capital Real Estate Fund II raised $4,700,000 in equity and secured a total debt amount of $10,000,000, through a bridge loan. Upon acquisition, Sarmaya’s strategy is to improve the property’s operations and net operating income through an extensive capital improvement program that will repair, add or improve amenities, upgrade select units and enhance the property’s curb appeal.
Live Better at Tara Hill Apartments
Located in one of the highest rent growth submarkets in Atlanta, Tara Hill presents a unique value-add opportunity in Jonesboro, GA. The 132-unit community Tara Hill is an opportunity for Sarmaya Capital and its investors to enter the thriving Jonesboro submarket. Jonesboro has grown to become a vibrant commercial hub, offering visitors convenient access to shopping, dining, and entertainment venues, as well as excellent access to nearby Atlanta Hartsfield-Jackson International Airport. Getting around Jonesboro is easy and convenient, as the area’s transportation infrastructure includes access to Interstates 75, 85, 285 and 675. Jonesboro is located only five miles south of Atlanta’s Hartsfield-Jackson International Airport, one the nation’s busiest airports, with an economic impact of more than $50 billion. Jonesboro’s largest employers include Clayton State University, Delta Air Lines, Fresh Express, J.C. Penny Co., The U.S. Army at Fort Gillem and Southern Regional Medical Center. Tara Hill enjoys over 200 yards of frontage on heavily trafficked Tara Blvd (~62,000 VPD) and sits on a lush 12.6 Acres.
In March of 2022, the Fund used its $4,700,000 in equity at a price of $1,000 per Class A unit and secured total debt in the amount of $11,719,223. The Fund used the amounts to purchase Tara Hill Apartments for $13,000,000 plus costs, and to provide a budget and reserves of approximately $2,650,000 for a planned capital expenditure program.
