Berkshire Expands Footprint in Atlanta with Acquisition of Howell Mill
Company Affiliate Acquires 256-Unit Class-A Apartment Community
in City’s Buckhead Neighborhood
ATLANTA, GA — MAY 14, 2015 — Berkshire Group, a real estate investment management company known for its multifamily investment and operational experience, today announced that an affiliate of the Company has acquired Howell Mill, a 256-Unit Class A apartment community in the Buckhead neighborhood of Atlanta.
Specific financial terms of the transactions were not disclosed. This purchase is the fourth apartment community of a portfolio of six properties in major Southeastern U.S. markets, totaling 1,700 units, which Berkshire affiliates expect to acquire from Crescent Communities. For Berkshire, this is the second acquisition in Atlanta in six months; Berkshire Terminus was acquired in December 2014 also from Crescent.
“Berkshire’s investment strategy is to focus on markets with favorable expected growth prospects and strong underlying fundamentals, as well as close proximity to major employers,” said David Olney, Managing Director and Head of Multifamily Investments for Berkshire Group. “We believe Howell Mill is compelling as it is a modern urban apartment community near both employment opportunities and retail offerings, and Atlanta is expected to be one of the fastest growing metropolitan regions in the U.S. over the next five years, in terms of both population and employment growth.”
Howell Mill is located in Buckhead, a prime location in the Atlanta market with a large office submarket. The property has proximity to major roadways, including I-85 and I-75, offering access to Midtown, Downtown, and Perimeter Center. Residents have access to amenities including the clubroom, business center, fitness center, pool, and outdoor common spaces with grilling area and fire pit.
Developed by Crescent as Crescent Howell Mill, the property will be rebranded as Berkshire Howell Mill and will be managed by Berkshire Communities, the property management division of Berkshire Group.
About Berkshire Group
Berkshire Group is a real estate investment management company known for its multifamily investment and operational experience. Berkshire deploys capital primarily through equity, debt and development in the multifamily arena, as well as through opportunistic ventures in other real estate sectors such as senior housing, lodging, and medical offices. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience across the multifamily real estate spectrum in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of March 31, 2015, Berkshire Group had $5.7 billion in assets under management. For more information on Berkshire, please visit www.berkshire-group.com.