The Scharf Group, Besyata Investment Group Acquire Multifamily Portfolio in the Southeast for $74M

by Nellie Day

LOUISVILLE, KY., AND LITHONIA, GA. — The Scharf Group and Besyata Investment Group have acquired a two-property multifamily portfolio in the Southeast for $74 million. The portfolio boasts a total of 1,033 units.

Properties included in the portfolio include the 689-unit Park at Hurstbourne in Louisville and the 344-unit Woodcrest Village in Lithonia.

Park at Hurstbourne is a garden-style apartment complex situated on 44 acres at 5555 Big Ben Drive. It was built in 1972. Community amenities include an indoor pool, basketball court, two clubhouses and a daycare. Park at Hurstbourne is situated near notable employers such as GE, Ford and UPS, which have been expanding operations within the area.

Woodcrest Village is a garden-style apartment complex situated on 34 acres at 2325 Woodcrest Walk in the Atlanta suburb of Lithonia. The community is about 20 miles east of downtown Atlanta. It was built in 1990.

Besyata and Scharf Group plan to modernize the amenities and undertake gradual unit renovations at both properties.

The buyers invest in value-add, Class B multifamily communities in suburban markets near growing cities.

BH Management, Besyata’s longstanding partner, will oversee the day-to-day property management and leasing for both assets. The groups also partnered with national real estate investment firm Pensam Residential on this transaction.

New York-based Besyata Investment Group acquires multifamily and retail properties with value-add opportunities. The Scharf Group, also based in New York, owns, develops and operates commercial, retail, residential, healthcare and seniors housing properties nationwide.

— Nellie Day

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