SHR Acquires Upper Westside Atlanta Apartment Portfolio

Atlanta-Based Investment Firm Continues to Build its Multifamily Presence in the area

ATLANTA (9/8/2021)---Songy Highroads (“SHR”), a commercial real estate development and investment firm based in Atlanta, continued to expand its multifamily platform with the acquisition of a two-asset value-add apartment portfolio in Buckhead’s burgeoning Upper Westside neighborhood.

SHR was able to successfully coordinate a simultaneous closing with two separate sellers on the adjacent properties, 2100 & 2113 Defoors Ferry Avenue.  SHR declined to comment on identity of the sellers.

SHR formed a joint venture to acquire the assets with Baltimore-based Alex. Brown Realty, Inc., a privately-owned real estate investment management firm,.

“We view the location of these dynamic, walkable assets as extremely attractive, and we are excited to add the Defoors Apartments to our growing Atlanta-area multifamily portfolio,” said Foster Durkee, SVP and Director of Acquisitions for SHR.

The two garden-style apartment complexes are in the heart of the Upper Westside, situated within one of the most desirable school districts in Atlanta, and centrally located in close proximity to Collier Village, West Midtown, The Works, Westside Village, and Peachtree Road, and features great access to I-75 and I-285.

“We see significant potential upside in these properties which we plan to unlock with our specific, targeted capital plan that we feel can dramatically improve the renter experience by upgrading unit interiors, adding shared amenities, and improving the curb-appeal of the assets.  Additionally, by combining two adjacent properties which were owned and managed separately, we expect to be able to gain immediate operational efficiencies by running them together as one asset in order to execute our value-add business plan,” said Durkee.

The sellers of both assets were represented by Chris Cain, John McCalla, and Mason Taylor of Marcus & Milichap. “The Marcus and Millichap team was instrumental in helping us coordinate through two smooth closings”.

The SHR team also recently acquired a nearby large 3-acre site at 1850 Howell Mill, which is less than a mile east of the Defoors Apartments, with plans for a mixed-use development with more than 200 apartments. Additionally, in 2Q2021, SHR closed on Biscayne Apartments, a 370-unit property located in South Fulton which it is in the process of renovating currently.

“Investing in apartments throughout the Atlanta area continues to be a strategic focus for SHR and we look forward to continuing to strengthen our multifamily platform with quality assets in central locations which we think have operational upside,” said Durkee.

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