ARC Multifamily Group is acquiring the partially completed 420-unit Blakely multifamily project in Pendergrass from developer Green River Builders for $88.4 million.
The development is located at 542 Glen Gee Road in Pendergrass. Courtesy of Google Maps.
Located at 542 Glen Gee Road, the property is being delivered in four phases, with the buyer under contract to acquire each phase as it receives its certificate of occupancy.
When finished, the garden-style community will include a mix of one-, two- and three-bedroom units ranging from 855 square feet to 1,444 square feet. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and beer garden featuring an outdoor kitchen with a bar top, outdoor TV and seating.
CBRE Capital Markets’ Debt and Structured Finance team, led by Charlie Clark and Blake Cohen, helped ARC secure a $62.4 million bridge loan facility through a life insurance company.
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