CiTYR Continues Growth in the Atlanta Market
CiTYR continues their growth in the metro Atlanta market with the recent purchase of LaVista Crossing Apartments located in the Tucker sub-market.
Atlanta, GA-- 2/2/17 –CiTYR, a fully integrated New York based commercial real estate investments firm has a core focus on multifamily equity investments. The firm has a predominant concentration in the multifamily arena with a goal of targeting stabilized, income producing properties in mature markets. Utilization of efficiently capitalized and managed assets provides CiTYR continued success in terms of maximizing equity returns and long-term stable cash flow. CiTYR’s Chief Investment Officer, Irwin Boris, announced in late January that the group has acquired LaVista Crossing Apartments, a 240-unit garden style apartment community. Located in the Tucker submarket just north of the perimeter in the Atlanta metro area, for an undisclosed purchase price.
CiTYR is very bullish on the Atlanta MSA. In mid-2016, the firm acquired Amber Place Apartments, a 392 unit class A property in Warner Robbins, and are in advanced negotiations on several other Atlanta-area properties. With a laser focus on growth in Atlanta’s urban core, equity is not an obstacle, it’s finding the right needle in the haystack of deals.
CiTYR has partnered with CF Real Estate Services LLC or known in the marketplace as simply CF, a fully integrated multifamily real estate services firm which will oversee the management of LaVista Crossing Apartments. Headquartered in Atlanta, Ga, the firm brings location based strength. CF competitively manages 25 assets within the state of GA and a total of approximately 30,000 units nationwide.
Irwin Boris, Chief Investment Officer for CiTYR states, “I see LaVista Crossing as an irreplaceable location on LaVista Road, located in an “A” rated school district and walking distance to retail, the community has mass appeal. The property will be the subject of an ‘extreme makeover’. With plans of upgrading the already resort-style amenities, the work will begin with a completely remodeled clubhouse with 24-hour access and boasting features such as a state-of-the-art fitness center, kids club, and great room including a media center. Outdoor upgrades will include expansion of the pool area with outdoor kitchens and sport courts.”