News

October 2021

McDowell Properties Acquires Champions Glen

Champions Glen

In a joint venture with Harbert United States Real Estate Fund VII, L.P., along with its parallel fund (“HUSREF VII”), an investment fund sponsored by Harbert Management Corporation, an alternative investment management firm, McDowell Properties has acquired Champions Glen in Union City, Georgia, as part of a two-property portfolio also including Mainstreet at Conyers. Built in 1989, the 166-unit garden style apartment is conveniently located within the Atlanta MSA, just 18 miles southwest of downtown and nine miles from the Hartsfield-Jackson Atlanta International Airport. The property is also near Atlanta Metro Studios, and an array of restaurants, retail and commercial staples. Notably, there is 24 million square feet of industrial space located within two miles of the property. Atlanta is home to major employers including Delta Airlines, Home Depot, UPS, and Coca Cola, as well as several major healthcare providers. In recent years, the city has also attracted numerous new large employers such as Airbnb, GE Digital, BlackRock, Honeywell and others, contributing to the rapid job growth being experienced in the area.

Champions Glen is well situated for a value-add strategy consisting of interior upgrades to modernize the 166 classic units and the addition of washer and dryers. Additionally, there is an opportunity to enhance amenities and the property’s overall curb appeal. The location, which is experiencing rapid job growth in the industrial, distribution/logistics, and film industries has limited threats from new apartment supply and is only increasing in value.

Union City is a growing suburb southwest of Atlanta offering a combination of smalltown charm and big-city convenience. The area offers plenty of shopping and restaurant options locally while also providing residents seamless access to a major airport, just nine miles away, and many big city attractions. Major employers in the area include Newell Rubbermaid, General Electric, Costco, Caterpillar, Dendreon, and Kraft Foods. Union City benefits from the greater Atlanta MSA’s economic stability and is expected to continue its steady growth as the region continues to attract in-migration and business relocations.


About McDowell Properties:

McDowell Properties, which has six offices across the United States, invests in multifamily assets across the risk spectrum including debt, affordable housing, core plus and value-add investments. Since 2004, McDowell Properties has acquired over $3.3 billion of multifamily assets (over 40,000 units) and has been an active buyer of subordinate CMBS debt secured by multifamily loans (total loan balances of $19 billion and are secured by over 258,000 apartment units). For additional information about McDowell Properties, visit www.mcdprop.com.


About Harbert Management Corporation:

HUSREF VII is an investment fund sponsored by Harbert Management Corporation (“HMC”). HUSREF VII focuses on value-add real estate investments in primary and secondary markets with strong job growth, diversified economies and a depth of institutional ownership. HMC is a privately owned alternative asset management firm formed in 1993. HMC has approximately $7.9 billion in Regulatory Assets Under Management as of September 30, 2021. HMC serves foundations and endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, U.S. growth capital, credit solutions, infrastructure and absolute return funds. For additional information about HMC, visit www.harbert.net.

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