Besyata-Scharf Venture Closes on 1,033-Unit Apt. Portfolio in Louisville, Atlanta
New York Firm's Pay $74 Million for Pair of Garden-Style Communities
New York-based firms Besyata Investment Group and the Scharf Group, in a venture with partners Pensam Residential and BH Equities, paid $74 million for a pair of communities including the largest apartment complex in Louisville, KY.
Completed in 1976, the Park at Hurstbourne is a 689-unit multifamily community located on a nearly 42-acre site at 5555 Big Ben Dr. in Louisville's Fern Creek Multifamily submarket.
Totaling 956,388 square feet, the multi-housing complex features one- to three-bedroom floorplans as well as studios across 50 garden-style buildings. On-site amentiies include an indoor pool, a basketball court, two clubhouses and a daycare facility.
The venture also acquired Woodcrest Village, a 344-unit, garden-style apartment complex located in the Atlanta suburb of Lithonia, GA. That community delivered in 1989 on 30.5 acres at 2325 Woodcrest Walk and features one- and two-bedroom units.
Besyata and Scharf Group plan to add value to the communities by creative modernization of the amenities and gradual unit renovations. This added value, combined with the strong market fundamentals, organic rent growth and both properties, should yield great risk-adjusted returns in the multifamily scene.
BH Management, Besyata’s long-standing partner and a property manager of 65,000 apartments spanning across 23 states, will oversee the day-to-day property management and leasing for both assets.