Regions Southeast | Atlanta
Nov 27, 2007
By: Kelly Sheehan, Contributing Writer
Somera Capital Management L.L.C., a Santa Barbara, Calif.-based private equity real estate investment company, has entered into a joint venture with Irvine, Calif.-based Aslan Realty Group to acquire Legacy Key, a 350-unit garden-style apartment community in the Sandy Springs area of Atlanta. The property was purchased for $28 million from Kings Dunwoody Springs Apartments L.L.C.
Built in 1979, Legacy Key (pictured) consists of 25 two- and three-story buildings on 18 acres. The one- and two-bedroom units range from 544 to 1,400 square feet. Common amenities at Legacy Key include a business center, fitness complex, swimming pools, tennis courts, barbeque area and car wash facility. Riverstone Residential Group, a Rockville, Md.-based property management company with a presence in the Atlanta market, will serve as a third-party partner in managing the property.
Tim Mitchell, senior vice president of investments for Somera Capital Management, told CPN today that the company was attracted to Legacy Key because of its “combination of location in Sandy Springs, with its limited opportunities for new development; rapid recovery in Atlanta; and the chance to work with Aslan Realty Group.”
Mitchell added that this deal is Somera’s first multi-family buy in Atlanta. However, the firm plans to position itself to take advantage of the current strengthening of the Atlanta economy and depressed multi-family prices in the marketplace, which can be attributed to overbuilding. Somera wants to acquire a large portfolio of under-performing multi-family assets in the area and then increase these communities’ appeal through renovation and marketing.
“With multi-family recovering from a long slump and continued job growth, the Atlanta area looks promising,” Mitchell said.
Aslan Realty Group was founded in 2001 to address a profitable market opportunity in Southern California multi-family real estate renovation. Since its inception, Aslan has expanded acquisition areas to include communities in Northern California, Seattle, Las Vegas, Phoenix, Denver and Atlanta. The firm seeks to acquire $350 million of multi-family real estate assets each year.
By: Kelly Sheehan, Contributing Writer
Somera Capital Management L.L.C., a Santa Barbara, Calif.-based private equity real estate investment company, has entered into a joint venture with Irvine, Calif.-based Aslan Realty Group to acquire Legacy Key, a 350-unit garden-style apartment community in the Sandy Springs area of Atlanta. The property was purchased for $28 million from Kings Dunwoody Springs Apartments L.L.C. Built in 1979, Legacy Key (pictured) consists of 25 two- and three-story buildings on 18 acres. The one- and two-bedroom units range from 544 to 1,400 square feet. Common amenities at Legacy Key include a business center, fitness complex, swimming pools, tennis courts, barbeque area and car wash facility. Riverstone Residential Group, a Rockville, Md.-based property management company with a presence in the Atlanta market, will serve as a third-party partner in managing the property.
Tim Mitchell, senior vice president of investments for Somera Capital Management, told CPN today that the company was attracted to Legacy Key because of its “combination of location in Sandy Springs, with its limited opportunities for new development; rapid recovery in Atlanta; and the chance to work with Aslan Realty Group.”
Mitchell added that this deal is Somera’s first multi-family buy in Atlanta. However, the firm plans to position itself to take advantage of the current strengthening of the Atlanta economy and depressed multi-family prices in the marketplace, which can be attributed to overbuilding. Somera wants to acquire a large portfolio of under-performing multi-family assets in the area and then increase these communities’ appeal through renovation and marketing.
“With multi-family recovering from a long slump and continued job growth, the Atlanta area looks promising,” Mitchell said.
Aslan Realty Group was founded in 2001 to address a profitable market opportunity in Southern California multi-family real estate renovation. Since its inception, Aslan has expanded acquisition areas to include communities in Northern California, Seattle, Las Vegas, Phoenix, Denver and Atlanta. The firm seeks to acquire $350 million of multi-family real estate assets each year.
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