Ambling has completed the final transaction of a 20-property project-based Section 8 portfolio sale across Georgia, North Carolina, and South Carolina.
The $106 million sale involved 1,763 units and three buyers, according to JLL Capital Markets, which marketed the property on behalf of Ambling and announced closing on the sale.
Preservation Partners Development, Infinity Real Estate Advisors, and Jonathan Rose Cos. each acquired parts of the portfolio.
“Ambling has a deep history of developing and preserving best-in-class affordable housing communities throughout the Sunbelt, and this portfolio sale represents a culmination of those efforts,” said Mike Godwin, CEO of Ambling. “We were excited to work with a group of buyers who were equally committed to preserving the portfolio’s long-term affordability. We are thankful for the deal team’s collective efforts, including each buyer, as well as the successful process facilitated by the JLL Affordable Housing team.”
Preservation Partners Development purchased 12 communities in Georgia, including Athens Gardens and Clarke Gardens in Athens; Glynn Isle Townhomes in Brunswick; Calhoun Gardens in Calhoun; Cartersville Gardens in Cartersville; Bridge Creek and Merrimac Village in Fitzgerald; Forsyth Gardens in Forsyth; Catoosa Gardens in Fort Oglethorpe; Riverside Gardens in Macon; Statesboro Summit in Statesboro; and Burkestone Place in Waynesboro.
Clarke Gardens, Athens Gardens, Calhoun Gardens, Catoosa Gardens, Cartersville Gardens, and Forsyth Gardens are in the middle of a substantial rehabilitation that includes updated interiors as well as updated and improved community spaces for residents.
Infinity Real Estate Advisors acquired two North Carolina properties—Fayetteville Gardens in Fayetteville and Salem Gardens in Salem—and five South Carolina communities—Anderson Village in Anderson, Phoenix Place in Greenwood, Manning Gardens in Manning, Mauldin Gardens in Mauldin, and Seneca Gardens in Seneca.
Jonathan Rose Cos. acquired Savannah Summit in Savannah, Ga.
The JLL Capital Markets team representing the seller was led by senior managing director and co-head of JLL Affordable Housing Doug Childers and director Michael Fox along with senior managing director Ryan Clutter.
“The sale of the Ambling portfolio represents an essential preservation of affordable housing, made possible by the tremendous, collective efforts of the Ambling team and each respective buyer, Childers said. “The transaction was executed across a variety of acquisition strategies, requiring coordination between multiple capital sources, state agencies, and the Department of Housing and Urban Development, the result of which was an accretive outcome for all parties involved.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
