Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, announced the acquisition of the Nesbit Palisades apartment community in Alpharetta, Georgia. The property was acquired as part of a joint venture with Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”), an investment fund sponsored Harbert Management Corporation.
Balfour Beatty Communities will self-perform property management services through its Multifamily Division and will continue an in-unit renovation program and develop an exterior enhancement plan that will reposition the property within the thriving Alpharetta rental market.
"With the strength of the Alpharetta market and the proven value-add upside on this property, Nesbit Palisades is an ideal fit with our multifamily investment strategy,” said Chris Williams, president of Balfour Beatty Communities. “We look forward to welcoming this community into our portfolio and delivering our signature customer service as we look to improve the resident experience and overall asset value."
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About Balfour Beatty Communities
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.
Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.
About Harbert Management Corporation
HUSREF VI is sponsored by Harbert Management Corporation (“HMC”). HMC, together with its sponsored funds, has owned, developed and managed multi-family, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF V’s approach is hands-on, targeting properties that the HUSREF VI Investment Team believes are undervalued, and where value can be created through focused operational management. Additional information about HMC can be found at www.harbert.net.
Media Contact:
Maureen Omrod
Corporate Communications Director
Balfour Beatty Communities
610-355-8136
momrod@bbcgrp.com
