BUFORD AND KENNESAW, GA. — Walker & Dunlop (NYSE: WD) has arranged the sale of and provided Freddie Mac acquisition financing for Town Laurel Crossing and Manor Barrett, two apartment communities in the metro Atlanta area totaling 707 units. The transactions represent a total of $352.8 million in capital movement and placement.
The name of the borrower, a private multifamily owner-operator, was not disclosed. Both properties are currently listed under rebranded names on the website of Denver-based Mission Rock Residential, which provides third-party management services for the assets.
The properties were both built in 2024. Chris Goldsmith, Telly Fathaly and Cameron Dunn of Walker & Dunlop represented the seller, Related Group, in both transactions. Mary Stuart Hurst and Fletcher Dunn of Walker & Dunlop led the debt origination efforts on behalf of the new owner.
Town Laurel Crossing is a 360-unit community located within the Exchange at Gwinnett shopping district in Buford, a northeastern suburb of Atlanta. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 752 to 1,550 square feet. Amenities include a pool, fitness center, lounge, clubhouse, dog park and outdoor grilling and dining stations.
Manor Barrett is a 347-unit community that is situated on the site of a former movie theater within the 18.1 million-square-foot Town Center Commercial District in Kennesaw, located northwest of Atlanta. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 750 to 1,441 square feet. Amenities include a pool, lounge, game room, dog park and a fitness center.
“Buford and Kennesaw are two of Atlanta’s premier suburban submarkets that continue to benefit from substantial economic investment, along with sustained population and job growth that is driven by strong demographics and a resilient housing market,” says Goldsmith, who serves as managing director of investment sales at Walker & Dunlop.
“These submarkets have long faced a shortage of institutionally developed multifamily communities, and the introduction of these properties brings much-needed housing that meets the growing demand,” adds Hurst, whose title is managing director of multifamily finance at Walker & Dunlop.
— Taylor Williams