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Blue Magma Acquires Park at Hairston Apartments Near Atlanta for $22.3M

STONE MOUNTAIN, GA. — Blue Magma Residential LLC has acquired Park at Hairston Apartments, a 360-unit multifamily community in Stone Mountain, for $22.3 million. The property offers one-, two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Blue Magma will invest $2.9 million in capital improvements to upgrade interiors and the community exteriors. The buyer will rebrand the property as The Park at Carrigan. Communal amenities include a swimming pool, children’s splash pool, playground, barbecue area, clubhouse, fitness center and a gazebo. Park at Hairston is located at 1038 S. Hairston Road, 12 miles east of downtown Atlanta. Paul Vetter of Berkadia represented the buyer in the transaction. Greystone provided acquisition financing.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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