NEW YORK, NY – Besyata Investment Group and The Scharf Group, both NY-based single family offices, along with their partners, Pensam Residential and BH Equities, have acquired Park at Hurstbourne and Woodcrest Village for a purchase price of $74 million.
BH Management, Besyata’s long-standing partner and leading property manager of 65,000 apartments in 23 states, will oversee the day-to-day property management and leasing for both assets.
Park at Hurstbourne, a 689-unit 1972-vintage garden style multifamily apartment complex, resides on 44 acres in Louisville, KY. The property offers superior amenities, including an indoor pool, basketball court, two clubhouses, and a daycare. The submarket has an established hub of large employers, including GE, Ford, and UPS, which have been expanding operations in the area. With the growing job market and continued population growth, the submarket has a strong demand for class B units.1
Woodcrest Village, a 344-unit 1990-vintage garden style multifamily apartment complex, which has undergone a complete exterior transformation, resides on 34 acres in Lithonia, GA. Atlanta has one of the nation’s highest population and employment growths and is home to 25 fortune 500 headquarters. The property is in a nearby suburb of Atlanta in an expanding medical and distribution center with access to 500,000+ jobs in a 15-mile radius.
Besyata and Scharf Group plan to add value to the communities by creative modernization of the amenities and gradual unit renovations. Both properties benefit from strong market fundamentals and organic rent growth. Besyata and Scharf Group believe that investing in value-add class B multifamily transactions in well-positioned class B suburbia near growing cities presents a prime opportunity to generate attractive risk-adjusted returns in the multifamily space.