Harbert United States Real Estate Fund Vii, L.P. Acquires The Summit Apartments
Acquiring Company
Harbert Management Corporation
Acquired Company
The Summit Apartments
BirminghamFinancial ServicesDescription
Harbert United States Real Estate Fund VII, L.P., along with its parallel fund (“HUSREF VII”), has acquired The Summit Apartments (“The Summit” or the “Property”) in Union City, Georgia. Eaglebrook Real Estate (“Eaglebrook”) is HUSREF VII’s joint venture partner in this investment. Built in two phases in 1974 and 1990, the 252-unit multifamily property features both townhome and garden units. It is conveniently located within the Atlanta Metropolitan Statistical Area (“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. The submarket is experiencing rapid job growth in the industrial, distribution/logistics, and film industries. Notably, the 24 million square feet of industrial space located within two miles of the Property is home to major employers including Newell Rubbermaid, Proctor & Gamble, Amazon, DHL, General Electric, Costco, Caterpillar, Dendreon, and Kraft Foods.