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Balfour Beatty Communities 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."